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Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 2023
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss) Stockholders’ Equity of the Company
Common Stock
Our authorized capital stock consists of 260,000,000 shares, $0.01 par value per share, consisting of 160,000,000 shares of common stock, $0.01 par value per share, 75,000,000 shares of excess stock, at $0.01 par value per share, and 25,000,000 shares of preferred stock, par value $0.01 per share. As of March 31, 2023, 64,373,485 shares of common stock and no shares of excess stock were issued and outstanding.
Share Repurchase Program
In August 2016, our Board of Directors approved a $1.0 billion share repurchase program under which we can buy shares of our common stock. The Board of Directors has since authorized five separate $500.0 million increases to the size of the share repurchase program in the fourth quarter of 2017, second quarter of 2018, fourth quarter of 2018, fourth quarter of 2019, and fourth quarter of 2020 bringing the total program size to $3.5 billion.
As of March 31, 2023, share repurchases executed under the program, excluding the redemption of OP units, were as follows:
Period
Shares repurchased(1)
Average price paid per share
Cumulative number of shares repurchased as part of the repurchase plan or programs
Year ended 20177,865,206$107.817,865,206
Year ended 20189,187,480$102.0617,052,686
Year ended 20194,333,260$88.6921,385,946
Year ended 20208,276,032$64.3029,661,978
Year ended 20214,474,649$75.4434,136,627
Year ended 20221,971,092$76.6936,107,719
(1)There have been no share repurchases during the three months ended March 31, 2023.
Perpetual Preferred Stock
We have 9,200,000 shares of our 6.50% Series I Cumulative Redeemable Preferred Stock, or the Series I Preferred Stock, outstanding with a mandatory liquidation preference of $25.00 per share. The Series I Preferred stockholders receive annual dividends of $1.625 per share paid on a quarterly basis and dividends are cumulative, subject to certain provisions. We are entitled to redeem the Series I Preferred Stock at any time, in whole or from time to time in part, at par for cash. In August 2012, we received $221.9 million in net proceeds from the issuance of the Series I Preferred Stock, which were recorded net of underwriters' discount and issuance costs, and contributed the net proceeds to the Operating Partnership in exchange for 9,200,000 units of 6.50% Series I Cumulative Redeemable Preferred Units of limited partnership interest, or the Series I Preferred Units.
Dividend Reinvestment and Stock Purchase Plan ("DRSPP")
In February 2021, the Company filed a registration statement with the SEC for our dividend reinvestment and stock purchase plan, or DRSPP, which automatically became effective upon filing. The Company registered 3,500,000 shares of our common stock under the DRSPP. The DRSPP commenced on September 24, 2001.
The following table summarizes SL Green common stock issued, and proceeds received from dividend reinvestments and/or stock purchases under the DRSPP for the three months ended March 31, 2023 and 2022, respectively (dollars in thousands):
Three Months Ended March 31,
20232022
Shares of common stock issued5,280 1,132 
Dividend reinvestments/stock purchases under the DRSPP$184 $89 
Earnings per Share
We use the two-class method of computing earnings per share (“EPS”), which is an earnings allocation formula that determines EPS for common stock and any participating securities according to dividends declared (whether paid or unpaid). Under the two-class method, basic EPS is computed by dividing the income available to common stockholders by the weighted-average number of common stock shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from share equivalent activity.
SL Green's earnings per share for the three months ended March 31, 2023 and 2022 are computed as follows (in thousands):
Three Months Ended March 31,
Numerator20232022
Basic Earnings:
(Loss) income attributable to SL Green common stockholders$(39,731)$7,751 
Less: distributed earnings allocated to participating securities(406)(335)
Net (loss) income attributable to SL Green common stockholders (numerator for basic earnings per share)$(40,137)$7,416 
Add back: dilutive effect of earnings allocated to participating securities and contingently issuable shares— (96)
Add back: effect of dilutive securities (redemption of units to common shares)(2,837)492 
Net (loss) income attributable to SL Green common stockholders (numerator for diluted earnings per share)$(42,974)$7,812 
Three Months Ended March 31,
Denominator20232022
Basic Shares:
Weighted average common stock outstanding64,079 64,349 
Effect of Dilutive Securities:
Operating Partnership units redeemable for common shares4,103 4,121 
Stock-based compensation plans— 984 
Contingently issuable shares— 774 
Diluted weighted average common stock outstanding68,182 70,228 
The Company has excluded 1,275,225 and 351,927 common stock equivalents from the calculation of diluted shares outstanding for the three months ended March 31, 2023 and 2022, respectively, as they were anti-dilutive.
Partners' Capital of the Operating Partnership
The Company is the sole managing general partner of the Operating Partnership and at March 31, 2023 owned 64,373,485 general and limited partnership interests in the Operating Partnership and 9,200,000 Series I Preferred Units. Partnership interests in the Operating Partnership are denominated as “common units of limited partnership interest” (also referred to as “OP Units”) or “preferred units of limited partnership interest” (also referred to as “Preferred Units”). All references to OP Units and Preferred Units outstanding exclude such units held by the Company. A holder of an OP Unit may present such OP Unit to the Operating Partnership for redemption at any time (subject to restrictions agreed upon at the issuance of OP Units to particular holders that may restrict such right for a period of time, generally one year from issuance). Upon presentation of an OP Unit for redemption, the Operating Partnership must redeem such OP Unit in exchange for the cash equal to the then value of a share of common stock of the Company, except that the Company may, at its election, in lieu of cash redemption, acquire such OP Unit for one share of common stock. Because the number of shares of common stock outstanding at all times equals the number of OP Units that the Company owns, one share of common stock is generally the economic equivalent of one OP Unit, and the quarterly distribution that may be paid to the holder of an OP Unit equals the quarterly dividend that may be paid to the holder of a share of common stock. Each series of Preferred Units makes a distribution that is set in accordance with an amendment to the partnership agreement of the Operating Partnership. Preferred Units may also be convertible into OP Units at the election of the holder thereof or the Company, subject to the terms of such Preferred Units.
Net income (loss) allocated to the preferred unitholders and common unitholders reflects their pro rata share of net income (loss) and distributions.
Limited Partner Units
As of March 31, 2023, limited partners other than SL Green owned 6.18%, or 4,239,335 common units, of the Operating Partnership.
Preferred Units
Preferred units not owned by SL Green are further described in Note 11, “Noncontrolling Interests on the Company’s Consolidated Financial Statements - Preferred Units of Limited Partnership Interest in the Operating Partnership.”
Earnings per Unit
The Operating Partnership's earnings per unit for the three months ended March 31, 2023 and 2022, respectively, are computed as follows (in thousands):
Three Months Ended March 31,
Numerator20232022
Basic Earnings:
Net (loss) income attributable to SLGOP common unitholders (numerator for diluted earnings per unit)
$(42,068)$8,243 
Less: distributed earnings allocated to participating securities(906)(335)
Net (loss) income attributable to SLGOP common unitholders (numerator for basic earnings per unit)$(42,974)$7,908 
Add back: dilutive effect of earnings allocated to participating securities and contingently issuable shares— (96)
Net (loss) income attributable to SLGOP common unitholders (numerator for diluted earnings per unit)$(42,974)$7,812 

Three Months Ended March 31,
Denominator20232022
Basic units:
Weighted average common units outstanding68,182 68,470 
Effect of Dilutive Securities:
Stock-based compensation plans— 984 
Contingently issuable units — 774 
Diluted weighted average common units outstanding68,182 70,228 
The Operating Partnership has excluded 1,275,225 and 351,927 common unit equivalents from the diluted units outstanding for the three months ended March 31, 2023 and 2022, respectively, as they were anti-dilutive.
Accumulated Other Comprehensive Income
The following tables set forth the changes in accumulated other comprehensive income by component as of March 31, 2023 (in thousands):
Net unrealized gain (loss) on derivative instruments (1)
SL Green’s share
of joint venture
net unrealized gain (loss) on derivative
instruments (2)
Net unrealized gain (loss) on marketable securitiesTotal
Balance at December 31, 2022$47,800 $2,046 $(242)$49,604 
Other comprehensive loss before reclassifications(16,884)(1,406)(910)(19,200)
Amounts reclassified from accumulated other comprehensive income(8,504)(2,472)— (10,976)
Balance at March 31, 2023$22,412 $(1,832)$(1,152)$19,428 
(1)Amount reclassified from accumulated other comprehensive income is included in interest expense in the respective consolidated statements of operations. As of March 31, 2023 and December 31, 2022, the deferred net gains from these terminated hedges, which is included in accumulated other comprehensive income relating to net unrealized gain (loss) on derivative instruments, was ($0.4 million)and ($0.5 million), respectively.
(2)Amount reclassified from accumulated other comprehensive income is included in equity in net loss from unconsolidated joint ventures in the respective consolidated statements of operations.