Earnings Per Share and Earnings Per Unit

6 Months Ended

Jun. 30, 2022

Earnings Per Share and Earnings Per Unit

12. EARNINGS PER SHARE AND EARNINGS PER UNIT

The Company reports earnings per share and earnings per unit data in accordance ASC Topic 260, “Earnings Per Share.” Under ASC Topic 260-10, unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities and shall be included in the computation of earnings-per-share pursuant to the two-class method. The Parent Company and the Operating Partnership have calculated their basic and diluted earnings per share/unit using the two-class method.

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per common share utilizing the two-class method.


(in thousands except per share data)	Three Months Ended June 30, 2022		Three Months Ended June 30, 2021		Six Months Ended June 30, 2022		Six Months Ended June 30, 2021
Numerator:
Net income attributable to common shareholders	$	92,264	$	57,516	$	165,839	$	104,898
Denominator:
Denominator for basic earnings per share – weighted average shares		84,270		77,058		83,957		76,222
Effect of Dilutive Securities:
Stock options and non-vested stock		158		162		176		143
Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversion		84,428		77,220		84,133		76,365
Basic earnings per common share attributable to common shareholders	$	1.09	$	0.75	$	1.98	$	1.38
Diluted earnings per common share attributable to common shareholders	$	1.09	$	0.74	$	1.97	$	1.37

Earnings Per Unit

The following table sets forth the computation of basic and diluted earnings per common unit utilizing the two-class method.


(in thousands except per unit data)	Three Months Ended June 30, 2022		Three Months Ended June 30, 2021		Six Months Ended June 30, 2022		Six Months Ended June 30, 2021
Numerator:
Net income attributable to common unitholders	$	92,264	$	57,516	$	165,839	$	104,898
Denominator:
Denominator for basic earnings per unit – weighted average units		84,270		77,058		83,957		76,222
Effect of Dilutive Securities:
Stock options and non-vested stock		158		162		176		143
Denominator for diluted earnings per unit – adjusted weighted average units and assumed conversion		84,428		77,220		84,133		76,365
Basic earnings per common unit attributable to common unitholders	$	1.09	$	0.75	$	1.98	$	1.38
Diluted earnings per common unit attributable to common unitholders	$	1.09	$	0.74	$	1.97	$	1.37

Not included in the effect of dilutive securities above for both earnings per share and earnings per unit are 140,541 unvested restricted shares for the three months ended June 30, 2022, and 149,643 unvested restricted shares for the three months ended June 30, 2021, because their effect would be antidilutive. Additionally, not included in the effect of dilutive securities above for both earnings per share and earnings per unit for the six months ended June 30, 2022 is the effect of 3,590,603 preferred noncontrolling redeemable Operating Partnership Units as such Units are not redeemable at June 30, 2022.