Earnings Per Share

9 Months Ended

Sep. 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						Nine Months
	Ended September 30,						Ended September 30,
	2025			2024			2025			2024
Numerators – Basic and Diluted
Continuing Operations:
Net (loss) income	$	(6,158	)	$	334,739		$	43,431		$	531,586
Preferred dividends		—			(2,789	)		—			(8,367	)
Earnings attributable to unvested shares		(836	)		(1,171	)		(1,223	)		(2,005	)
Net (loss) income attributable to common shareholders after allocation to participating securities		(6,994	)		330,779			42,208			521,214
Discontinued Operations:
Income (loss) from discontinued operations		—			(11,786	)		—			6,060
Total	$	(6,994	)	$	318,993		$	42,208		$	527,274
Denominators – Number of Shares
Basic—Average shares outstanding		52,445			52,400			52,442			52,381
Assumed conversion of dilutive securities—PRSUs		—			153			—			177
Diluted—Average shares outstanding		52,445			52,553			52,442			52,558
Earnings Per Share:
Basic
From continuing operations	$	(0.13	)	$	6.31		$	0.80		$	9.95
From discontinued operations		—			(0.22	)		—			0.12
Total	$	(0.13	)	$	6.09		$	0.80		$	10.07
Diluted
From continuing operations	$	(0.13	)	$	6.29		$	0.80		$	9.91
From discontinued operations		—			(0.22	)		—			0.12
Total	$	(0.13	)	$	6.07		$	0.80		$	10.03

For the three and nine months ended September 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 September 30, 2025. Dividend equivalents are paid on the outstanding RSUs, which makes these shares participating securities.

Common Share Dividends

The Company declared special cash dividends of $3.25 and $4.75 per common share for the three and nine months ended September 30, 2025, respectively. The Company declared cash dividends of $1.04 per common share for the nine months ended September 30, 2024.