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Earnings and Dividends per Share and per Unit
 9 Months Ended
Sep. 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 unvested share of Aimco stock and one unvested share of AIR stock at the Separation date for each unvested share they held at that date. 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 nine months ended September 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 nine months ended September 30, 2022 and 2021, are as follows (in thousands, except per share and per unit data):

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Earnings per share

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Aimco

$

29,472

 

 

$

(5,016

)

 

$

276,817

 

 

$

(4,492

)

Net income (loss) allocated to Aimco participating securities

 

(405

)

 

 

—

 

 

 

(3,806

)

 

 

—

 

   Net income (loss) attributable to Aimco common stockholders

 

29,067

 

 

 

(5,016

)

 

 

273,011

 

 

 

(4,492

)

 

 

 

 

 

 

 

 

 

 

 

 

Denominator - shares:

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average common stock outstanding

 

149,611

 

 

 

149,762

 

 

 

149,706

 

 

 

149,517

 

Diluted share equivalents outstanding

 

1,586

 

 

 

—

 

 

 

1,370

 

 

 

—

 

Diluted weighted-average common stock outstanding

 

151,197

 

 

 

149,762

 

 

 

151,076

 

 

 

149,517

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share - basic

$

0.19

 

 

$

(0.03

)

 

$

1.82

 

 

$

(0.03

)

Earnings (loss) per share - diluted

$

0.19

 

 

$

(0.03

)

 

$

1.81

 

 

$

(0.03

)

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per unit

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Aimco Operating Partnership

$

31,026

 

 

$

(5,269

)

 

$

291,465

 

 

$

(4,701

)

Net income (loss) allocated to Aimco Operating Partnership participating securities

 

(421

)

 

 

—

 

 

 

(3,964

)

 

 

—

 

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

 

30,605

 

 

 

(5,269

)

 

 

287,501

 

 

 

(4,701

)

 

 

 

 

 

 

 

 

 

 

 

 

Denominator - units

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average common partnership units outstanding

 

157,530

 

 

 

157,806

 

 

 

157,627

 

 

 

157,873

 

Diluted partnership unit equivalents outstanding

 

1,606

 

 

 

-

 

 

 

1,390

 

 

 

-

 

Diluted weighted-average common partnership units outstanding

 

159,136

 

 

 

157,806

 

 

 

159,017

 

 

 

157,873

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per unit - basic

$

0.19

 

 

$

(0.03

)

 

$

1.82

 

 

$

(0.03

)

Earnings (loss) per unit - diluted

$

0.19

 

 

$

(0.03

)

 

$

1.81

 

 

$

(0.03

)