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Earnings Per Share and Earnings Per Unit
 9 Months Ended
Sep. 30, 2019
Earnings Per Share [Abstract]  
Earnings Per Share and Earnings Per Unit Earnings Per Share and Earnings Per Unit
 
For the three and nine months ended September 30, 2018, total restricted share units of 600,313 were excluded from the computation of diluted earnings per share and diluted earnings per unit as their impact would have been anti-dilutive.

The following table shows the amounts used in computing the Trust’s basic and diluted earnings per share (in thousands, except share and per share data):
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
Numerator for earnings per share - basic:
 

 
 

 
 

 
 

Net income
$
15,619

 
$
23,771

 
$
34,435

 
$
47,165

Net income attributable to noncontrolling interests:
 
 
 
 
 
 
 
Operating Partnership
(434
)
 
(656
)
 
(939
)
 
(1,300
)
Partially owned properties
(136
)
 
(119
)
 
(410
)
 
(374
)
Preferred distributions
(314
)
 
(284
)
 
(892
)
 
(1,055
)
Numerator for earnings per share - basic
$
14,735


$
22,712


$
32,194

 
$
44,436

Numerator for earnings per share - diluted:
 
 
 
 
 
 
 
Numerator for earnings per share - basic
$
14,735

 
$
22,712

 
$
32,194

 
$
44,436

Operating Partnership net income
434

 
656

 
939

 
1,300

Numerator for earnings per share - diluted
$
15,169


$
23,368


$
33,133

 
$
45,736

Denominator for earnings per share - basic and diluted:
 
 
 
 
 
 
 
Weighted average number of shares outstanding - basic
186,328,500

 
182,076,513

 
184,760,335

 
181,963,693

Effect of dilutive securities:
 

 
 

 
 
 
 

Noncontrolling interest - Operating Partnership units
5,536,111

 
5,291,025

 
5,398,734

 
5,378,760

Restricted common shares
79,779

 
105,692

 
89,470

 
80,272

Restricted share units
35,832

 
—

 
241,115

 
199,384

Denominator for earnings per share - diluted:
191,980,222

 
187,473,230

 
190,489,654

 
187,622,109

Earnings per share - basic
$
0.08

 
$
0.12

 
$
0.17

 
$
0.24

Earnings per share - diluted
$
0.08

 
$
0.12

 
$
0.17

 
$
0.24



The following table shows the amounts used in computing the Operating Partnership’s basic and diluted earnings per unit (in thousands, except unit and per unit data):
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
Numerator for earnings per unit - basic and diluted:
 
 
 
 
 
 
 
Net income
$
15,619

 
$
23,771

 
$
34,435

 
$
47,165

Net income attributable to noncontrolling interests - partially owned properties
(136
)
 
(119
)
 
(410
)
 
(374
)
Preferred distributions
(314
)
 
(284
)
 
(892
)
 
(1,055
)
Numerator for earnings per unit - basic and diluted
$
15,169

 
$
23,368

 
$
33,133

 
$
45,736

Denominator for earnings per unit - basic and diluted:
 
 
 
 
 
 
 
Weighted average number of units outstanding - basic
191,864,611

 
187,367,538

 
190,159,069

 
187,342,453

Effect of dilutive securities:
 
 
 

 
 
 
 

Restricted common shares
79,779

 
105,692

 
89,470

 
80,272

Restricted share units
35,832

 
—

 
241,115

 
199,384

Denominator for earnings per unit - diluted
191,980,222

 
187,473,230

 
190,489,654

 
187,622,109

Earnings per unit - basic
$
0.08

 
$
0.12

 
$
0.17

 
$
0.24

Earnings per unit - diluted
$
0.08

 
$
0.12

 
$
0.17

 
$
0.24