Earnings per Share and Unit

6 Months Ended

Jun. 30, 2020

Earnings Per Share And Unit [Abstract]

12.	Earnings per Share and Unit

Parent Company Earnings per Share

The following summarizes the calculation of basic and diluted earnings per share:

	Three months ended June 30,				Six months ended June 30,
(in thousands, except per share data)	2020		2019		2020			2019
Numerator:
Income (loss) attributable to common stockholders - basic	$	19,046		51,728	$	(6,286	)	$	142,174
Income (loss) attributable to common stockholders - diluted	$	19,046		51,728	$	(6,286	)		142,174
Denominator:
Weighted average common shares outstanding for basic EPS		169,643		167,536		168,781			167,488
Weighted average common shares outstanding for diluted EPS ⁽¹⁾		169,971		167,962		168,781			167,877
Income (loss) per common share – basic	$	0.11		0.31	$	(0.04	)		0.85
Income (loss) per common share – diluted	$	0.11		0.31	$	(0.04	)		0.85

⁽¹⁾	The six months ended June 30, 2020 excludes the impact of unvested restricted stock because they would be anti-dilutive, while all other periods presented include the dilutive impact of unvested restricted stock.

Income (loss) allocated to noncontrolling interests of the Operating Partnership has been excluded from the numerator and exchangeable Operating Partnership units have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would be anti-dilutive. Weighted average exchangeable Operating Partnership units outstanding for the three months ended June 30, 2020 and 2019, was 765,046 and 349,902, respectively. Weighted average exchangeable Operating Partnership units outstanding for the six months ended June 30, 2020 and 2019, was 765,046 and 349,902, respectively.

Operating Partnership Earnings per Unit

The following summarizes the calculation of basic and diluted earnings per unit:

	Three months ended June 30,				Six months ended June 30,
(in thousands, except per share data)	2020		2019		2020			2019
Numerator:
Income (loss) attributable to common unit holders - basic	$	19,133		51,837	$	(6,314	)	$	142,473
Income (loss) attributable to common unit holders - diluted	$	19,133		51,837	$	(6,314	)		142,473
Denominator:
Weighted average common units outstanding for basic EPU		170,409		167,886		169,546			167,838
Weighted average common units outstanding for diluted EPU ⁽¹⁾		170,736		168,312		169,546			168,227
Income (loss) per common unit – basic	$	0.11		0.31	$	(0.04	)		0.85
Income (loss) per common unit – diluted	$	0.11		0.31	$	(0.04	)		0.85

⁽¹⁾	The six months ended June 30, 2020 excludes the impact of unvested restricted stock because they would be anti-dilutive, while all other periods presented include the dilutive impact of unvested restricted stock.