Earnings Per Share

12 Months Ended

Dec. 31, 2021

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):


	Year Ended December 31,
	2021		2020		2019
Numerator for earnings per share - basic:
Net income	$	86,783	$	68,488	$	77,186
Net income attributable to noncontrolling interests:
Operating Partnership	(2,211)		(1,797)		(2,155)
Partially owned properties	(607)		(574)		(548)
Preferred distributions	(13)		(1,241)		(1,209)
Numerator for earnings per share - basic:	$	83,952	$	64,876	$	73,274
Numerator for earnings per share - diluted:
Numerator for earnings per share - basic:	83,952		64,876		73,274
Operating Partnership net income	2,211		1,797		2,155
Numerator for earnings per share - diluted	$	86,163	$	66,673	$	75,429
Denominator for earnings per share - basic and diluted:
Weighted average number of shares outstanding - basic	216,135,385		204,243,768		185,770,251
Effect of dilutive securities:
Noncontrolling interest - Operating Partnership units	5,693,333		5,659,325		5,466,010
Restricted common shares	113,438		88,131		103,293
Restricted share units	1,118,400		1,154,693		286,766
Denominator for earnings per share - diluted	223,060,556		211,145,917		191,626,320
Earnings per share - basic	$	0.39	$	0.32	$	0.39
Earnings per share - diluted	$	0.39	$	0.32	$	0.39