Earnings Per Share

6 Months Ended

Jun. 30, 2020

Earnings (Loss) Per Common Share

Basic earnings (loss) per common share amounts are based on the weighted average of common shares outstanding for the respective periods. Diluted earnings (loss) 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 June 30					Six Months Ended June 30
	2020			2019		2020			2019
Net income (loss) attributable to TCO common shareholders (Numerator):
Basic	$	(34,069	)	$	6,259	$	(14,197	)	$	21,356
Impact of additional ownership of TRG				7					28
Diluted	$	(34,069	)	$	6,266	$	(14,197	)	$	21,384

Shares (Denominator) – basic	61,590,226			61,171,614		61,419,931			61,147,947
Effect of dilutive securities				168,311					206,481
Shares (Denominator) – diluted	61,590,226			61,339,925		61,419,931			61,354,428

Earnings (loss) per common share – basic	$	(0.55	)	$	0.10	$	(0.23	)	$	0.35
Earnings (loss) per common share – diluted	$	(0.55	)	$	0.10	$	(0.23	)	$	0.35

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. Potentially dilutive securities were excluded from the computation of EPS for the three and six months ended June 30, 2020 because they were anti-dilutive due to net losses in these periods.



	Three Months Ended June 30		Six Months Ended June 30
	2020	2019	2020	2019
Weighted average noncontrolling TRG Units outstanding	3,311,571	6,040,239	3,427,598	5,094,653
Unissued TRG Units under unit option deferral elections	871,262	871,262	871,262	871,262