EARNINGS PER SHARE AND UNIT (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of Computation of Basic and Diluted Earnings per Share and Unit

The following table sets forth the computation of our basic and diluted earnings per share:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Amounts in thousands, except per share amounts)	2020		2019		2020		2019
Numerator:
Net income (loss) attributable to common shareholders	$	(5,605)	$	54,040	$	74,630	$	106,148
Less: (Earnings) loss allocated to unvested participating securities	4		(43)		(50)		(89)
Net income (loss) available for common shareholders - basic	$	(5,601)	$	53,997	$	74,580	$	106,059
Impact of assumed conversions:
OP and LTIP units	—		—		—		5,883
Net income (loss) available for common shareholders - dilutive	$	(5,601)	$	53,997	$	74,580	$	111,942

Denominator:
Weighted average common shares outstanding - basic	116,625		121,087		118,033		119,259
Effect of dilutive securities(1):

Restricted share awards	—		96		78		102
Assumed conversion of OP and LTIP units	—		—		—		7,128
Weighted average common shares outstanding - diluted	116,625		121,183		118,111		126,489

Earnings per share available to common shareholders:
Earnings (loss) per common share - Basic	$	(0.05)	$	0.45	$	0.63	$	0.89
Earnings (loss) per common share - Diluted	$	(0.05)	$	0.45	$	0.63	$	0.89

(1) For the three months ended September 30, 2019 and the three and nine months September 30, 2020, the effect of the redemption of OP and LTIP units for Urban Edge common shares would have an anti-dilutive effect on the calculation of diluted EPS. Accordingly, the impact of such redemption has not been included in the determination of diluted EPS for these periods.

Operating Partnership Earnings per Unit

The following table sets forth the computation of basic and diluted earnings per unit:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Amounts in thousands, except per unit amounts)	2020		2019		2020		2019
Numerator:
Net income (loss) attributable to unitholders	$	(5,830)	$	56,702	$	78,003	$	112,683
Less: net (income) loss attributable to participating securities	4		(43)		(50)		(89)
Net income (loss) available for unitholders	$	(5,826)	$	56,659	$	77,953	$	112,594

Denominator:
Weighted average units outstanding - basic	120,618		126,277		122,332		126,387
Effect of dilutive securities issued by Urban Edge	—		96		78		102
Unvested LTIP units	—		—		764		1
Weighted average units outstanding - diluted	120,618		126,373		123,174		126,490

Earnings per unit available to unitholders:
Earnings (loss) per unit - Basic	$	(0.05)	$	0.45	$	0.64	$	0.89
Earnings (loss) per unit - Diluted	$	(0.05)	$	0.45	$	0.63	$	0.89