Earnings Per Share

3 Months Ended

Mar. 31, 2020

Earnings Per Common Share

Basic earnings per common share amounts are based on the weighted average of common shares outstanding for the respective periods. Diluted earnings per common share amounts are based on the weighted average of common shares outstanding plus the dilutive effect of potential common stock. Potential common stock includes outstanding TRG Units exchangeable for common shares under the Continuing Offer (Note 9), TSR PSU, NOI PSU, Restricted and Performance-based TRG Profits Units, RSU, deferred shares under the Non-Employee Directors’ Deferred Compensation Plan, and unissued TRG Units under a unit option deferral election (Note 8). In computing the potentially dilutive effect of potential common stock, TRG Units are assumed to be exchanged for common shares under the Continuing Offer, increasing the weighted average number of shares outstanding. The potentially dilutive effects of TRG Units outstanding and/or issuable under the unit option deferral elections are calculated using the if-converted method, while the effects of other potential common stock are calculated using the treasury method. Contingently issuable shares are included in diluted earnings per common share based on the number of shares, if any, which would be issuable if the end of the reporting period were the end of the contingency period.



	Three Months Ended March 31
	2020		2019
Net income attributable to TCO common shareholders (Numerator):
Basic	$	19,872	$	15,097
Impact of additional ownership of TRG	24		21
Diluted	$	19,896	$	15,118

Shares (Denominator) – basic	61,249,637		61,124,016
Effect of dilutive securities	224,453		275,092
Shares (Denominator) – diluted	61,474,090		61,399,108

Earnings per common share – basic	$	0.32	$	0.25
Earnings per common share – diluted	$	0.32	$	0.25

The calculation of diluted earnings per common share in certain periods excluded certain potential common stock including outstanding TRG Units and unissued TRG Units under a unit option deferral election, both of which may be exchanged for common shares of TCO under the Continuing Offer. The table below presents the potential common stock excluded from the calculation of diluted earnings per common share as they were anti-dilutive in the period presented.



	Three Months Ended March 31
	2020	2019
Weighted average noncontrolling TRG Units outstanding	3,543,624	4,149,066
Unissued TRG Units under unit option deferral elections	871,262	871,262