Earnings Per Share and Earnings Per Unit (Tables)

9 Months Ended

Sep. 30, 2019

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, 2019			Three Months Ended September 30, 2018			Nine Months Ended September 30, 2019			Nine Months Ended September 30, 2018
Numerator:
Net income attributable to common shareholders	$	140,002		$	41,120		$	215,198		$	114,283
Net income attributatble to unvested restricted shares		(272	)		(85	)		(136	)		(80	)
Net income attributable to outstanding common shares	$	139,730		$	41,035		$	215,062		$	114,203
Denominator:
Denominator for basic earnings per share – weighted average shares		46,586			46,526			46,578			46,487
Effect of Dilutive Securities:
Stock options and non-vested stock		71			102			64			93
Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversion		46,657			46,628			46,642			46,580
Basic earnings per common share attributable to common shareholders	$	3.00		$	0.88		$	4.62		$	2.46
Diluted earnings per common share attributable to common shareholders	$	2.99		$	0.88		$	4.61		$	2.45

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, 2019			Three Months Ended September 30, 2018			Nine Months Ended September 30, 2019			Nine Months Ended September 30, 2018
Numerator:
Net income attributable to common unitholders	$	140,002		$	41,120		$	215,198		$	114,283
Net income attributatble to unvested restricted units		(272	)		(85	)		(136	)		(80	)
Net income attributable to outstanding units		139,730			41,035			215,062			114,203
Denominator:
Denominator for basic earnings per unit – weighted average units		46,586			46,526			46,578			46,487
Effect of Dilutive Securities:
Stock options and non-vested stock		71			102			64			93
Denominator for diluted earnings per unit – adjusted weighted average units and assumed conversion		46,657			46,628			46,642			46,580
Basic earnings per common unit attributable to common unitholders	$	3.00		$	0.88		$	4.62		$	2.46
Diluted earnings per common unit attributable to common unitholders	$	2.99		$	0.88		$	4.61		$	2.45