Income per Common Unit of the Operating Partnership

3 Months Ended

Mar. 31, 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
	March 31, 2019					March 31, 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	$	39,887	147,559	$	0.27	$	39,574	147,060	$	0.27
Dilutive shares for long-term compensation plans	—		981			—		813
Income from continuing operations net of noncontrolling interest - diluted	$	39,887	148,540	$	0.27	$	39,574	147,873	$	0.27
Discontinued operations net of noncontrolling interest - basic	$	14,443	147,559	$	0.10	$	100,607	147,060	$	0.68
Dilutive shares for long-term compensation plans	—		981			—		813
Discontinued operations net of noncontrolling interest - diluted	$	14,443	148,540	$	0.10	$	100,607	147,873	$	0.68
Net income available to common shareholders - basic	$	54,330	147,559	$	0.37	$	140,181	147,060	$	0.95
Dilutive shares for long-term compensation plans	—		981			—		813
Net income available to common shareholders - diluted	$	54,330	148,540	$	0.37	$	140,181	147,873	$	0.95

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 months ended March 31, 2019 or 2018.

During the three months ended March 31, 2019, 109,000 common shares 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 months ended March 31, 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
	March 31, 2019						March 31, 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	$	40,918					$	40,631
Less: Preferred unit distributions	(84		)				(118		)
Income from continuing operations available to common unitholders - basic	$	40,834		151,079	$	0.27	$	40,513		150,580	$	0.27
Dilutive units for long-term compensation plans	—			981			—			813
Income from continuing operations available to common unitholders - diluted	$	40,834		152,060	$	0.27	$	40,513		151,393	$	0.27
Income from discontinued operations - basic	$	14,786		151,079	$	0.10	$	103,007		150,580	$	0.68
Dilutive units for long-term compensation plans	—			981			—			813
Income from discontinued operations - diluted	$	14,786		152,060	$	0.10	$	103,007		151,393	$	0.68
Income available to common unitholders - basic	$	55,620		151,079	$	0.37	$	143,520		150,580	$	0.95
Dilutive units for long-term compensation plans	—			981			—			813
Income available to common unitholders - diluted	$	55,620		152,060	$	0.37	$	143,520		151,393	$	0.95

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 months ended March 31, 2019 or 2018.

During the three months ended March 31, 2019, 109,000 common units 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 months ended March 31, 2019 or for the year ended December 31, 2018.