Income per Common Unit of the Operating Partnership

6 Months Ended

Jun. 30, 2019

Earnings Per Unit, Basic and Diluted [Line Items]

Income per Common Share of the Trust

Income per Common Share of the Trust

The following table sets forth the computation of basic and diluted income per common share of the Trust (in thousands except per share amounts):

	Three Months Ended					Three Months Ended
	June 30, 2019					June 30, 2018
	Income (Numerator)		Weighted Average Shares (Denominator)	Per Share		Income (Numerator)		Weighted Average Shares (Denominator)	Per Share
Income from continuing operations net of noncontrolling interest - basic	$	52,764	147,805	$	0.36	$	7,308	147,274	$	0.05
Dilutive shares for long-term compensation plans	—		863			—		1,059
Income from continuing operations net of noncontrolling interest - diluted	$	52,764	148,668	$	0.35	$	7,308	148,333	$	0.05
Discontinued operations net of noncontrolling interests - basic	$	47,005	147,805	$	0.32	$	12,306	147,274	$	0.08
Dilutive shares for long-term compensation plans	—		863			—		1,059
Discontinued operations net of noncontrolling interests - diluted	$	47,005	148,668	$	0.32	$	12,306	148,333	$	0.08
Net income available to common shareholders - basic	$	99,769	147,805	$	0.68	$	19,614	147,274	$	0.13
Dilutive shares for long-term compensation plans	—		863			—		1,059
Net income available to common shareholders - diluted	$	99,769	148,668	$	0.67	$	19,614	148,333	$	0.13
	Six Months Ended					Six Months Ended
	June 30, 2019					June 30, 2018
	Income (Numerator)		Weighted Average Shares (Denominator)	Per Share		Income (Numerator)		Weighted Average Shares (Denominator)	Per Share
Income from continuing operations net of noncontrolling interest - basic	$	92,000	147,706	$	0.62	$	47,447	147,184	$	0.33
Dilutive shares for long-term compensation plans	—		900			—		920
Income from continuing operations net of noncontrolling interest - diluted	$	92,000	148,606	$	0.62	$	47,447	148,104	$	0.32
Discontinued operations net of noncontrolling interests - basic	$	62,100	147,706	$	0.42	$	112,348	147,184	$	0.76
Dilutive shares for long-term compensation plans	—		900			—		920
Discontinued operations net of noncontrolling interests - diluted	$	62,100	148,606	$	0.42	$	112,348	148,104	$	0.76
Net income available to common shareholders - basic	$	154,100	147,706	$	1.04	$	159,795	147,184	$	1.09
Dilutive shares for long-term compensation plans	—		900			—		920
Net income available to common shareholders - diluted	$	154,100	148,606	$	1.04	$	159,795	148,104	$	1.08

Dilutive shares for long-term compensation plans represent the unvested common shares outstanding during the periods as well as the dilutive effect of outstanding options. There were no anti-dilutive options excluded from the computation of diluted income per common share for the three and six months ended June 30, 2019 or 2018.

During the three and six months ended June 30, 2019, 15,000 and 123,000 common shares, respectively, were issued upon the exercise of options. During the year ended December 31, 2018, 151,000 common shares were issued upon the exercise of options.

Share Repurchase

The Company’s Board of Trustees has authorized a share repurchase plan under which the Company may purchase up to $250 million of the Company’s outstanding common shares through September 28, 2019. Purchases made pursuant to the program may be made in either the open market or in privately negotiated transactions from time to time as permitted by securities laws and other legal requirements. There were no purchases under the plan during the three and six months ended June 30, 2019 or for the year ended December 31, 2018.

Liberty Property Limited Partnership

Earnings Per Unit, Basic and Diluted [Line Items]

Income per Common Share of the Trust

Income per Common Unit of the Operating Partnership

The following table sets forth the computation of basic and diluted income per common unit of the Operating Partnership (in thousands, except per unit amounts):

	Three Months Ended						Three Months Ended
	June 30, 2019						June 30, 2018
	Income (Numerator)			Weighted Average Units (Denominator)	Per Unit		Income (Numerator)			Weighted Average Units (Denominator)	Per Unit
Income from continuing operations - net of noncontrolling interest - consolidated joint ventures	$	54,093					$	7,597
Less: Preferred unit distributions	(84		)				(118		)
Income from continuing operations available to common unitholders - basic	$	54,009		151,319	$	0.36	$	7,479		150,794	$	0.05
Dilutive units for long-term compensation plans	—			863			—			1,059
Income from continuing operations available to common unitholders - diluted	$	54,009		152,182	$	0.35	$	7,479		151,853	$	0.05
Income from discontinued operations net of noncontrolling interest consolidated joint venture - basic	$	48,119		151,319	$	0.32	$	12,602		150,794	$	0.08
Dilutive units for long-term compensation plans	—			863			—			1,059
Income from discontinued operations net of noncontrolling interest consolidated joint venture - basic	$	48,119		152,182	$	0.32	$	12,602		151,853	$	0.08
Income available to common unitholders - basic	$	102,128		151,319	$	0.68	$	20,081		150,794	$	0.13
Dilutive units for long-term compensation plans	—			863			—			1,059
Income available to common unitholders - diluted	$	102,128		152,182	$	0.67	$	20,081		151,853	$	0.13

	Six Months Ended						Six Months Ended
	June 30, 2019						June 30, 2018
	Income (Numerator)			Weighted Average Units (Denominator)	Per Unit		Income (Numerator)			Weighted Average Units (Denominator)	Per Unit
Net income - net of noncontrolling interest - consolidated joint ventures	$	94,338					$	48,804
Less: Preferred unit distributions	(168		)				(236		)
Income from continuing operations available to common unitholders - basic	94,170			151,223	$	0.62	48,568			150,704	$	0.33
Dilutive units for long-term compensation plans	—			900			—			920
Income from continuing operations available to common unitholders - diluted	$	94,170		152,123	$	0.62	$	48,568		151,624	$	0.32
Income from discontinued operations net of noncontrolling interest consolidated joint venture - basic	$	63,579		151,223	$	0.42	$	115,033		150,704	$	0.76
Dilutive units for long-term compensation plans	—			900			—			920
Income from discontinued operations net of noncontrolling interest consolidated joint venture - basic	$	63,579		152,123	$	0.42	$	115,033		151,624	$	0.76
Net income available to common unitholders - basic	$	157,749		151,223	$	1.04	$	163,601		150,704	$	1.09
Dilutive units for long-term compensation plans	—			900			—			920
Net income available to common unitholders - diluted	$	157,749		152,123	$	1.04	$	163,601		151,624	$	1.08

Dilutive units for long-term compensation plans represent the unvested common units outstanding during the periods as well as the dilutive effect of outstanding options. There were no anti-dilutive options excluded from the computation of diluted income per common unit for the three and six months ended June 30, 2019 or 2018.

During the three and six months ended June 30, 2019, 15,000 and 123,000 common units, respectively, were issued upon exercise of options. During the year ended December 31, 2018, 151,000 common units were issued upon the exercise of options.

Unit Repurchase

The Company’s Board of Trustees has authorized a share repurchase plan under which the Company may purchase up to $250 million of the Company’s outstanding common units through September 28, 2019. Purchases made pursuant to the program may be made in either the open market or in privately negotiated transactions from time to time as permitted by securities laws and other legal requirements. There were no purchases under the plan during the three and six months ended June 30, 2019 or for the year ended December 31, 2018.