Per Share Data

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Per Share Data

3. Per Share Data

Basic earnings per share is computed using net income attributable to common shareholders and the weighted average number of common shares outstanding. Diluted earnings per share reflects common shares issuable from the assumed conversion of common share options and unvested share awards, and units convertible into common shares. Only those items having a dilutive impact on our basic earnings per share are included in diluted earnings per share. Our unvested share-based awards are considered participating securities and are reflected in the calculation of basic and diluted earnings per share using the two-class method. Common shares under a forward sale agreement will be considered in our calculation for diluted earnings-per-share until settlement, using the if-converted method. The number of common share equivalent securities excluded from the diluted earnings per share calculation were approximately 0.1 million for each of the three and six months ended June 30, 2022, and approximately 1.8 million and 1.9 million for the three and six months ended June 30, 2021, respectively. These securities, which include share awards granted and units convertible into common shares, were excluded from the diluted earnings per share calculations as they are anti-dilutive. The following table presents information necessary to calculate basic and diluted earnings per share for the periods indicated:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share amounts)	2022		2021		2022		2021
Earnings per common share calculation – basic
Income from continuing operations attributable to common shareholders	$	497,315	$	30,179	$	578,060	$	61,526
Amount allocated to participating securities	(740)		(50)		(900)		(82)
Net income attributable to common shareholders – basic	$	496,575	$	30,129	$	577,160	$	61,444
Total earnings per common share – basic	$	4.59	$	0.30	$	5.41	$	0.61
Weighted average number of common shares outstanding – basic	108,106		100,701		106,729		100,127
Earnings per common share calculation – diluted
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities	$	496,575	$	30,129	$	577,160	$	61,444
Income allocated to common units from continuing operations	1,571		—		4,427		—
Net income attributable to common shareholders – diluted	$	498,146	$	30,129	$	581,587	$	61,444
Total earnings per common share – diluted	$	4.54	$	0.30	$	5.37	$	0.61
Weighted average number of common shares outstanding – basic	108,106		100,701		106,729		100,127
Incremental shares issuable from assumed conversion of:
Share awards granted	33		66		58		70
Common units	1,606		—		1,606		—
Weighted average number of common shares outstanding – diluted	109,745		100,767		108,393		100,197