Earnings Per Share and Earnings Per Unit (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Common Share/Unit

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 September 30, 2022			Three Months Ended September 30, 2021			Nine Months Ended September 30, 2022			Nine Months Ended September 30, 2021
Numerator:
Net income attributable to common shareholders	$	98,505		$	70,274		$	264,344		$	175,172
Net income attributable to unvested restricted shares		(172	)		(119	)		(151	)		(78	)
Net income attributable to outstanding common shares	$	98,333		$	70,155		$	264,193		$	175,094
Effect of Dilutive Securities:
Net income attributable to preferred units		999			—			999			—
Numerator for diluted earnings per share	$	99,332		$	70,155		$	265,192		$	175,094
Denominator:
Denominator for basic earnings per share – weighted    average shares		84,473			78,961			84,129			77,135
Effect of Dilutive Securities:
Stock options and non-vested stock		924			219			425			168
Denominator for diluted earnings per share – adjusted    weighted average shares and assumed conversion		85,397			79,180			84,554			77,303
Basic earnings per common share attributable to    common shareholders	$	1.16		$	0.89		$	3.14		$	2.27
Diluted earnings per common share attributable to    common shareholders	$	1.16		$	0.89		$	3.14		$	2.27

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 September 30, 2022			Three Months Ended September 30, 2021			Nine Months Ended September 30, 2022			Nine Months Ended September 30, 2021
Numerator:
Net income attributable to common unitholders	$	98,505		$	70,274		$	264,344		$	175,172
Net income attributable to unvested restricted units		(172	)		(119	)		(151	)		(78	)
Net income attributable to outstanding common units	$	98,333		$	70,155		$	264,193		$	175,094
Effect of Dilutive Securities:
Net income attributable to preferred units		999			—			999			—
Numerator for diluted earnings per unit	$	99,332		$	70,155		$	265,192		$	175,094
Denominator:
Denominator for basic earnings per unit – weighted    average units		84,473			78,961			84,129			77,135
Effect of Dilutive Securities:
Stock options and non-vested stock		924			219			425			168
Denominator for diluted earnings per unit – adjusted    weighted average units and assumed conversion		85,397			79,180			84,554			77,303
Basic earnings per common unit attributable to    common unitholders	$	1.16		$	0.89		$	3.14		$	2.27
Diluted earnings per common unit attributable to    common unitholders	$	1.16		$	0.89		$	3.14		$	2.27