Shareholders' Equity and Earnings Per Common Share

3 Months Ended

Mar. 31, 2020

Shareholders' Equity and Earnings Per Common Share

Shareholders' Equity and Earnings Per Common Share

14.Shareholders' Equity and Earnings Per Common Share

Common Shares Repurchased

In March 2020, our Board of Trustees authorized the repurchase of up to $500 million of our outstanding common shares. During the three months ended March 31, 2020, we repurchased and retired 1.4 million common shares for $41.2 million, an average purchase price of $29.01 per share.

Earnings Per Common Share

The following is a summary of the calculation of basic and diluted earnings per common share and a reconciliation of the amounts of net income available to common shareholders used in calculating basic and diluted earnings per common share to net income:

	Three Months Ended March 31,
	2020		2019
	(In thousands, except per share amounts)
Net income	$	48,175	$	28,248
Net income attributable to redeemable noncontrolling interests		(5,250)		(3,387)
Net income attributable to common shareholders	$	42,925	$	24,861
Weighted average number of common shares outstanding — basic		134,542		122,573
Effect of dilutive securities		887		850
Weighted average number of common shares outstanding — diluted		135,429		123,423
Earnings per common share:
Basic	$	0.32	$	0.20
Diluted	$	0.32	$	0.20

The effect of the redemption of OP Units and Time-Based LTIP Units that were outstanding as of March 31, 2020 and 2019 is excluded in the computation of diluted earnings per common share as the assumed exchange of such units for common shares on a one-for-one basis was antidilutive (the assumed redemption of these units would have no impact on the determination of diluted earnings per share). Since OP Units and Time-Based LTIP Units, which are held by noncontrolling interests, are attributed gains at an identical proportion to the common shareholders, the gains attributable and their equivalent weighted average OP Unit and Time-Based LTIP Unit impact are excluded from net income available to common shareholders and from the weighted average number of common shares outstanding in calculating diluted earnings per common share. Performance-Based LTIP Units, Special Performance-Based LTIP Units and Formation Awards, which totaled 4.1 million and 3.9 million for the three months ended March 31, 2020 and 2019, were excluded from the calculation of diluted earnings per common share as they were antidilutive, but potentially could be dilutive in the future.