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EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL (Tables) | 9 Months Ended
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Sep. 30, 2023
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL |
Summary of the elements used in calculating basic and diluted earnings per common share | Earnings per common share and shareholders’ equity ​ The following is a summary of the elements used in calculating basic and diluted earnings per common share: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
​ | ​ | 2023 | ​ | 2022 | ​ | 2023 | ​ | 2022
​ | ​ | (dollars and units in thousands, except per share amounts)
Net income |  | $ | 103,073 |  | $ | 113,440 | ​ | ​ | $ | 299,298 | ​ | ​ | $ | 210,300
Noncontrolling interests in the Operating Partnership | ​ |  | (640) | ​ |  | (733) | ​ | ​ |  | (1,870) | ​ | ​ |  | (1,404)
Noncontrolling interest in subsidiaries | ​ |  | 212 | ​ |  | 181 | ​ | ​ |  | 662 | ​ | ​ |  | 505
Net income attributable to the Company’s common shareholders | ​ | $ | 102,645 | ​ | $ | 112,888 | ​ | ​ | $ | 298,090 | ​ | ​ | $ | 209,401
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average basic shares outstanding | ​ |  | 225,467 | ​ |  | 225,023 | ​ | ​ |  | 225,380 | ​ | ​ |  | 224,883
Share options and restricted share units | ​ |  | 743 | ​ |  | 943 | ​ | ​ |  | 826 | ​ | ​ |  | 998
Weighted average diluted shares outstanding (1) | ​ |  | 226,210 | ​ |  | 225,966 | ​ | ​ |  | 226,206 | ​ | ​ |  | 225,881
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic earnings per share attributable to common shareholders | ​ | $ | 0.46 | ​ | $ | 0.50 | ​ | ​ | $ | 1.32 | ​ | ​ | $ | 0.93
Diluted earnings per share attributable to common shareholders (2) | ​ | $ | 0.45 | ​ | $ | 0.50 | ​ | ​ | $ | 1.32 | ​ | ​ | $ | 0.93
​ ​ Earnings per common unit and capital ​ The following is a summary of the elements used in calculating basic and diluted earnings per common unit: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
​ | ​ | 2023 | ​ | 2022 | ​ | 2023 | ​ | 2022
​ | ​ | (dollars and units in thousands, except per unit amounts)
Net income |  | $ | 103,073 |  | $ | 113,440 | ​ | $ | 299,298 | ​ | $ | 210,300
Operating Partnership interests of third parties | ​ |  | (640) | ​ |  | (733) | ​ |  | (1,870) | ​ |  | (1,404)
Noncontrolling interest in subsidiaries | ​ |  | 212 | ​ |  | 181 | ​ |  | 662 | ​ |  | 505
Net income attributable to common unitholders | ​ | $ | 102,645 | ​ | $ | 112,888 | ​ | $ | 298,090 | ​ | $ | 209,401
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average basic units outstanding | ​ |  | 225,467 | ​ |  | 225,023 | ​ |  | 225,380 | ​ |  | 224,883
Unit options and restricted share units | ​ |  | 743 | ​ |  | 943 | ​ |  | 826 | ​ |  | 998
Weighted average diluted units outstanding (1) | ​ |  | 226,210 | ​ |  | 225,966 | ​ |  | 226,206 | ​ |  | 225,881
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic earnings per unit attributable to common unitholders | ​ | $ | 0.46 | ​ | $ | 0.50 | ​ | $ | 1.32 | ​ | $ | 0.93
Diluted earnings per unit attributable to common unitholders (2) | ​ | $ | 0.45 | ​ | $ | 0.50 | ​ | $ | 1.32 | ​ | $ | 0.93
​
| (1) | For the three and nine months ended September 30, 2023, the Company declared cash dividends per common share/unit of $0.49 and $1.47, respectively. For the three and nine months ended September 30, 2022, the Company declared cash dividends per common share/unit of $0.43 and $1.29, respectively.
​
| (2) | The amount of anti-dilutive options that were excluded from the computation of diluted earnings per share/unit was 0.7 million for both the three and nine months ended September 30, 2023 and 0.3 million for both the three and nine months ended September 30, 2022.
Summary of OP and Common units | ​
​ | ​ | ​ | ​ | ​
​ | ​ | As of September 30,
​ | ​ | 2023 | ​ | 2022
Outstanding OP units |  | 1,360,549 | ​ | 1,460,520
Outstanding common units | ​ | 224,859,021 | ​ | 224,568,376
​ | ​ | ​ | ​ | ​
​

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