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Earnings and Dividends per Share and per Unit
 6 Months Ended
Jun. 30, 2022
Earnings Per Share [Abstract]  
Earnings and Dividends per Share and per Unit

Note 6 — Earnings and Dividends per Share and per Unit

Aimco and Aimco Operating Partnership calculate basic earnings per share of common stock and basic earnings per common unit based on the weighted-average number of shares of common stock and common partnership units outstanding. We calculate diluted earnings per share of common stock and diluted earnings per common unit taking into consideration dilutive shares of common stock and common partnership unit equivalents and dilutive convertible securities outstanding during the period.

Each of our executives and AIR’s executives received one share of Aimco stock and one share of AIR stock at the Separation date for unvested shares. We include AIR’s executives’ rights to receive Aimco shares upon vesting in our dilutive calculations.

Our common stock and common partnership unit equivalents include options to purchase shares of common stock, which, if exercised, would result in Aimco’s issuance of additional shares of common stock and Aimco Operating Partnership’s issuance to Aimco of additional common partnership units equal to the number of shares of common stock purchased under the options. These equivalents also include unvested performance-based restricted stock awards that do not meet the definition of participating securities, which would result in an increase in the number of shares of common stock and common partnership units outstanding equal to the number of the shares that vest. Common partnership unit equivalents also include unvested long-term incentive partnership units. We include in the denominator securities with dilutive effect in calculating diluted earnings per share and per unit during these periods.

Our time-based restricted stock awards receive non-forfeitable dividends similar to shares of common stock and common partnership units prior to vesting, and our Performance-Based LTIP I units and Performance-Based LTIP II units receive non-forfeitable distributions based on specified percentages of the distributions paid to common partnership units prior to vesting and conversion. The unvested restricted shares and units related to these awards are participating securities. We include the effect of participating securities in basic and diluted earnings per share and unit computations using the two-class method of allocating distributed and undistributed earnings when the two-class method is more dilutive than the treasury stock method. Participating securities are included in the computation of diluted earnings per share for the three and six months ended June 30, 2022 and 2021, because their effects are dilutive.

Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit for the three and six months ended June 30, 2022 and 2021, are as follows (in thousands, except per share and per unit data):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Earnings per share

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Aimco

$

239,137

 

 

$

(19,690

)

 

$

247,346

 

 

$

524

 

Net income allocated to Aimco participating securities

 

(3,284

)

 

 

—

 

 

 

(3,410

)

 

 

—

 

Net income (loss) attributable to Aimco common stockholders

$

235,853

 

 

$

(19,690

)

 

$

243,936

 

 

$

524

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator - shares:

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average common stock outstanding

 

149,600

 

 

 

149,166

 

 

 

149,694

 

 

 

149,082

 

Diluted share equivalents outstanding

 

823

 

 

 

—

 

 

 

966

 

 

 

360

 

Diluted weighted-average common stock outstanding

 

150,423

 

 

 

149,166

 

 

 

150,660

 

 

 

149,442

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share - basic

$

1.58

 

 

$

(0.13

)

 

$

1.63

 

 

$

0.00

 

Earnings (loss) per share - diluted

$

1.57

 

 

$

(0.13

)

 

$

1.62

 

 

$

0.00

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per unit

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Aimco Operating Partnership

$

251,796

 

 

$

(20,727

)

 

$

260,440

 

 

$

568

 

Net income allocated to Aimco Operating Partnership participating securities

 

(3,423

)

 

 

—

 

 

 

(3,551

)

 

 

—

 

Net income (loss) attributable to Aimco Operating Partnership's common unitholders

$

248,373

 

 

$

(20,727

)

 

$

256,889

 

 

$

568

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator - units

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average common partnership units outstanding

 

157,525

 

 

 

157,134

 

 

 

157,621

 

 

 

157,093

 

Diluted partnership unit equivalents outstanding

 

922

 

 

 

-

 

 

 

1,045

 

 

 

360

 

Diluted weighted-average common partnership units outstanding

 

158,447

 

 

 

157,134

 

 

 

158,666

 

 

 

157,453

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per unit - basic

$

1.58

 

 

$

(0.13

)

 

$

1.63

 

 

$

0.00

 

Earnings (loss) per unit - diluted

$

1.57

 

 

$

(0.13

)

 

$

1.62

 

 

$

0.00