Earnings Per Share and Per Unit

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share and Per Unit

Earnings Per Share and Per Unit

The following table sets forth the computation of basic and diluted earnings per share of the Company:

	Three Months Ended March 31,
	2023		2022
Earnings per Common Share - basic:
Numerator:
Net income	$	44,954	$	42,103
Net (income) attributable to noncontrolling interests in the Operating Partnership	(986)		(965)
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates	487		(257)
Dividends on Preferred Stock	(621)		(621)
Net income available for common stockholders	$	43,834	$	40,260
Denominator:
Denominator for basic earnings per Common Share – weighted average shares (1)	105,288		104,933
Net income available for common stockholders	$	0.42	$	0.38
Earnings per Common Share - diluted:
Numerator:
Net income	$	44,954	$	42,103
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates	487		(257)
Dividends on Preferred Stock	(621)		(621)
Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership	$	44,820	$	41,225
Denominator:
Denominator for basic earnings per Common Share – weighted average shares (1)	105,288		104,933
Add:
Stock options using the treasury method	—		15
Noncontrolling interests Common Units	2,358		2,505
Denominator for diluted earnings per Common Share – adjusted weighted average shares and assumed conversions	107,646		107,453
Net income available for common stockholders	$	0.42	$	0.38

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(1)Includes all unvested restricted stock where dividends on such restricted stock are non-forfeitable.

The following table sets forth the computation of basic and diluted earnings per unit of the Operating Partnership:

	Three Months Ended March 31,
	2023		2022
Earnings per Common Unit - basic:
Numerator:
Net income	$	44,954	$	42,103
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates	487		(257)
Distributions on Preferred Units	(621)		(621)
Net income available for common unitholders	$	44,820	$	41,225
Denominator:
Denominator for basic earnings per Common Unit – weighted average units (1)	107,237		107,029
Net income available for common unitholders	$	0.42	$	0.39
Earnings per Common Unit - diluted:
Numerator:
Net income	$	44,954	$	42,103
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates	487		(257)
Distributions on Preferred Units	(621)		(621)
Net income available for common unitholders	$	44,820	$	41,225
Denominator:
Denominator for basic earnings per Common Unit – weighted average units (1)	107,237		107,029
Add:
Stock options using the treasury method	—		15
Denominator for diluted earnings per Common Unit – adjusted weighted average units and assumed conversions	107,237		107,044
Net income available for common unitholders	$	0.42	$	0.39

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(1)Includes all unvested restricted stock where distributions on such restricted stock are non-forfeitable

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