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EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL (Tables)

9 Months Ended

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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Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

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Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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