Shareholders' Equity and Earnings (Loss) Per Common Share

6 Months Ended

Jun. 30, 2022

Shareholders' Equity and Earnings (Loss) Per Common Share

Shareholders' Equity and Earnings (Loss) Per Common Share

14.Shareholders' Equity and Earnings (Loss) Per Common Share

Common Shares Repurchased

In March 2020, our Board of Trustees authorized the repurchase of up to $500.0 million of our outstanding common shares and in June 2022, increased the authorized repurchase amount by $500.0 million to an aggregate of $1.0 billion. During the three and six months ended June 30, 2022, we repurchased and retired 8.5 million and 11.8 million common shares for $213.9 million and $307.0 million, a weighted average purchase price per share of $25.15 and $25.91. During the six months ended June 30, 2021, we repurchased and retired 619,749 common shares for $19.2 million, a weighted average purchase price per share of $30.96. Since we began the share repurchase program, we have repurchased and retired 21.0 million common shares for $569.5 million, a weighted average purchase price per share of $27.12.

In July 2022, we repurchased and retired 1.5 million common shares for $36.0 million, a weighted average purchase price per share of $23.92, pursuant to a repurchase plan under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

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 (loss) per common share to net income (loss):

	Three Months Ended June 30,					Six Months Ended June 30,
	2022		2021		X	2022		2021
	(In thousands, except per share amounts)
Net income (loss)	$	141,494	$	(3,318)		$	141,417	$	(27,387)
Net (income) loss attributable to redeemable noncontrolling interests		(18,248)		345			(18,258)		2,575
Net loss attributable to noncontrolling interests		29		—			84		1,108
Net income (loss) attributable to common shareholders		123,275		(2,973)			123,243		(23,704)
Distributions to participating securities		(12)		(734)			(12)		(734)
Net income (loss) available to common shareholders - basic and diluted	$	123,263	$	(3,707)		$	123,231	$	(24,438)
Weighted average number of common shares outstanding - basic and diluted		121,316		131,480			123,984		131,510
Earnings (loss) per common share - basic and diluted	$	1.02	$	(0.03)		$	0.99	$	(0.19)

The effect of the redemption of OP Units, Time-Based LTIP Units, fully vested LTIP Units and Special Time-Based LTIP Units that were outstanding as of June 30, 2022 and 2021 is excluded in the computation of diluted earnings (loss) 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 (loss) per share). Since OP Units, Time-Based LTIP Units, LTIP Units and Special 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 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 (loss) per common share. AO LTIP Units, Performance-Based LTIP Units, Formation Awards and RSUs, which totaled 6.0 million and 5.9 million for the three and six months ended June 30, 2022, and 3.9 million for the three and six months ended June 30, 2021, were excluded from the calculation of diluted earnings (loss) per common share as they were antidilutive, but potentially could be dilutive in the future.

Dividends Declared in July 2022

On July 29, 2022, our Board of Trustees declared a quarterly dividend of $0.225 per common share, payable on August 26, 2022 to shareholders of record as of August 12, 2022.