Shareholders' Equity and Earnings Per Common Share

9 Months Ended

Sep. 30, 2021

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 three and nine months ended September 30, 2021, we repurchased and retired 2.3 million and 2.9 million common shares for $68.9 million and $88.1 million, an average purchase price of $29.73 and $29.99 per share. During the three and nine months ended September 30, 2020, we repurchased and retired 1.4 million and 2.9 million common shares for $38.4 million and $79.6 million, an average purchase price of $26.64 and $27.82 per share. Since we began the share repurchase program, we have repurchased and retired 6.7 million common shares for $192.9 million, an average purchase price of $28.71 per share.

Earnings (Loss) Per Common Share

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

	Three Months Ended September 30,					Nine Months Ended September 30,
	2021		2020		X	2021		2020
	(In thousands, except per share amounts)
Net income (loss)	$	996	$	(25,005)		$	(26,391)	$	(17,093)
Net (income) loss attributable to redeemable noncontrolling interests		(103)		2,212			2,472		445
Net loss attributable to noncontrolling interests		—		—			1,108		—
Net income (loss) attributable to common shareholders		893		(22,793)			(22,811)		(16,648)
Distributions to participating securities		(763)		(822)			(1,497)		(1,729)
Net income (loss) available to common shareholders - basic and diluted	$	130	$	(23,615)		$	(24,308)	$	(18,377)
Weighted average number of common shares outstanding - basic and diluted		131,351		133,620			131,456		133,924
Earnings (loss) per common share - basic and diluted	$	0.00	$	(0.18)		$	(0.18)	$	(0.14)

The effect of the redemption of OP Units, LTIP Units and Time-Based LTIP Units that were outstanding as of September 30, 2021 and 2020 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, LTIP 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 Units, LTIP Units and Time-Based LTIP Unit impact are excluded from net income (loss) 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, Formation Awards and RSUs, which totaled 5.2 million and 4.9 million for the three and nine months ended September 30, 2021, and 4.4 million and 4.9 million for the three and nine months ended September 30, 2020, were excluded from the calculation of diluted earnings per common share as they were antidilutive, but potentially could be dilutive in the future.

Dividends Declared in October 2021

On October 27, 2021, our Board of Trustees declared a quarterly dividend of $0.225 per common share, payable on November 24, 2021 to shareholders of record as of November 10, 2021.