Income per Common Share of the Trust

9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

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
	September 30, 2019					September 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	$	59,091	150,140	$	0.39	$	43,713	147,324	$	0.30
Dilutive shares for long-term compensation plans	—		839			—		947
Income from continuing operations net of noncontrolling interest - diluted	$	59,091	150,979	$	0.39	$	43,713	148,271	$	0.29
Discontinued operations net of noncontrolling interests - basic	$	41,273	150,140	$	0.28	$	106,430	147,324	$	0.72
Dilutive shares for long-term compensation plans	—		839			—		947
Discontinued operations net of noncontrolling interests - diluted	$	41,273	150,979	$	0.27	$	106,430	148,271	$	0.72
Net income available to common shareholders - basic	$	100,364	150,140	$	0.67	$	150,143	147,324	$	1.02
Dilutive shares for long-term compensation plans	—		839			—		947
Net income available to common shareholders - diluted	$	100,364	150,979	$	0.66	$	150,143	148,271	$	1.01
	Nine Months Ended					Nine Months Ended
	September 30, 2019					September 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	$	151,150	148,532	$	1.02	$	91,051	147,241	$	0.62
Dilutive shares for long-term compensation plans	—		851			—		919
Income from continuing operations net of noncontrolling interest - diluted	$	151,150	149,383	$	1.01	$	91,051	148,160	$	0.61
Discontinued operations net of noncontrolling interests - basic	$	103,315	148,532	$	0.69	$	218,887	147,241	$	1.48
Dilutive shares for long-term compensation plans	—		851			—		919
Discontinued operations net of noncontrolling interests - diluted	$	103,315	149,383	$	0.69	$	218,887	148,160	$	1.48
Net income available to common shareholders - basic	$	254,465	148,532	$	1.71	$	309,938	147,241	$	2.10
Dilutive shares for long-term compensation plans	—		851			—		919
Net income available to common shareholders - diluted	$	254,465	149,383	$	1.70	$	309,938	148,160	$	2.09

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 nine months ended September 30, 2019 or 2018.

During the three and nine months ended September 30, 2019, 251,000 and 374,000 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.

Equity Offering

In September 2019, the Company completed the sale of 9.2 million common shares, at a price of $50.50 per share, for net proceeds of $447.9 million. The net proceeds from this issuance were used to fund the early redemption on October 12, 2019 of the Operating Partnership's $350 million 4.75% senior notes due October 2020, repay outstanding balances on the Company's revolving credit facilities and for general corporate purposes. In conjunction with such early redemption, the Company incurred charges of approximately $9.0 million.

Share Repurchase

The Company’s Board of Trustees had 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 nine months ended September 30, 2019 or for the year ended December 31, 2018.