Earnings Per Share

6 Months Ended

Jun. 30, 2025

10.

Earnings Per Share

On August 16, 2024, in anticipation of the spin-off of Curbline Properties, the Company effected a reverse stock split of its outstanding common shares at a ratio of one-for-four. Additionally, equitable adjustments were made to outstanding equity compensation awards on account of the dilutive impact of the October 2024 spin-off of Curbline Properties. All share and per share data included in these consolidated financial statements give retroactive effect to the reverse stock split for all periods presented.

The following table provides a reconciliation of net income and the number of common shares used in the computations of “basic” earnings per share (“EPS”), which utilizes the weighted-average number of common shares outstanding without regard to dilutive potential common shares, and “diluted” EPS, which includes all such shares (in thousands, except per share amounts):


	Three Months						Six Months
	Ended June 30,						Ended June 30,
	2025			2024			2025			2024
Numerators – Basic and Diluted
Continuing Operations:
Net income	$	46,504		$	229,830		$	49,589		$	196,847
Preferred dividends		—			(2,789	)		—			(5,578	)
Earnings attributable to unvested shares		(386	)		(138	)		(386	)		(269	)
Net income attributable to common shareholders after allocation to participating securities		46,118			226,903			49,203			191,000
Discontinued Operations:
Income from discontinued operations		—			8,415			—			17,846
Total	$	46,118		$	235,318		$	49,203		$	208,846
Denominators – Number of Shares
Basic—Average shares outstanding		52,445			52,388			52,440			52,371
Assumed conversion of dilutive securities—PRSUs		—			439			—			192
Diluted—Average shares outstanding		52,445			52,827			52,440			52,563
Earnings Per Share:
Basic
From continuing operations	$	0.88		$	4.33		$	0.94		$	3.65
From discontinued operations		—			0.16			—			0.34
Total	$	0.88		$	4.49		$	0.94		$	3.99
Diluted
From continuing operations	$	0.88		$	4.29		$	0.94		$	3.63
From discontinued operations		—			0.16			—			0.34
Total	$	0.88		$	4.45		$	0.94		$	3.97

For the three and six months ended June 30, 2024, Performance Restricted Stock Units (“PRSUs”) issued to certain executives in March 2024, March 2023 and March 2022 were considered in the computation of diluted EPS. In March 2024, the Company issued 178,527 common shares in settlement of PRSUs granted in 2021. Basic average shares outstanding do not include Restricted Stock Units (“RSUs”) representing 0.3 million common shares that were not vested at June 30, 2025. Dividend equivalents are paid on the outstanding RSUs, which makes these shares participating securities.

Common Share Dividends

The Company declared a special cash dividend of $1.50 per common share for the three and six months ended June 30, 2025. The Company declared a quarterly cash dividend of $0.52 per common share for the three months ended June 30, 2024 and $1.04 per common share for the six months ended June 30, 2024.