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EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL

9 Months Ended

Sep. 30, 2023

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL

16. EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS’ EQUITY AND CAPITAL

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.

Income allocated to noncontrolling interests of the Operating Partnership has been excluded from the numerator and OP units have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would be anti-dilutive. Weighted average OP units outstanding for both the three and nine months ended September 30, 2023 was 1.4 million. Weighted average OP units outstanding for both the three and nine months ended September 30, 2022 was 1.5 million.

The OP units and common units have essentially the same economic characteristics as they share equally in the total net income or loss and distributions of the Operating Partnership. An OP unit may be redeemed for cash, or, at the Company’s option, common units on a one-for-one basis. The following is a summary of OP and common units outstanding:


	As of September 30,
	2023	2022
Outstanding OP units	1,360,549	1,460,520
Outstanding common units	224,859,021	224,568,376