Earnings Per Share and Earnings Per Unit

9 Months Ended

Sep. 30, 2020

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 September 30, 2020			Three Months Ended September 30, 2019			Nine Months Ended September 30, 2020			Nine Months Ended September 30, 2019
Numerator:
Net income attributable to common shareholders	$	37,095		$	140,002		$	109,984		$	215,198
Net income attributable to unvested restricted shares		(66	)		(272	)		(65	)		(136	)
Net income attributable to outstanding common shares	$	37,029		$	139,730		$	109,919		$	215,062
Denominator:
Denominator for basic earnings per share – weighted average shares		47,224			46,586			46,915			46,578
Effect of Dilutive Securities:
Stock options and non-vested stock		76			71			71			64
Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversion		47,300			46,657			46,986			46,642
Basic earnings per common share attributable to common shareholders	$	0.78		$	3.00		$	2.34		$	4.62
Diluted earnings per common share attributable to common shareholders	$	0.78		$	2.99		$	2.34		$	4.61

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, 2020			Three Months Ended September 30, 2019			Nine Months Ended September 30, 2020			Nine Months Ended September 30, 2019
Numerator:
Net income attributable to common unitholders	$	37,095		$	140,002		$	109,984		$	215,198
Net income attributable to unvested restricted units		(66	)		(272	)		(65	)		(136	)
Net income attributable to outstanding units	$	37,029		$	139,730		$	109,919		$	215,062
Denominator:
Denominator for basic earnings per unit – weighted average units		47,224			46,586			46,915			46,578
Effect of Dilutive Securities:
Stock options and non-vested stock		76			71			71			64
Denominator for diluted earnings per unit – adjusted weighted average units and assumed conversion		47,300			46,657			46,986			46,642
Basic earnings per common unit attributable to common unitholders	$	0.78		$	3.00		$	2.34		$	4.62
Diluted earnings per common unit attributable to common unitholders	$	0.78		$	2.99		$	2.34		$	4.61

Not included in the effect of dilutive securities above for both earnings per share and earnings per unit are 92,123 unvested restricted shares for the three months ended September 30, 2020, and 73,816 unvested restricted shares for the three months ended September 30, 2019, because their effect would be antidilutive. Not included in the effect of dilutive securities above for both earnings per share and earnings per unit are 102,714 unvested restricted shares for the nine months ended September 30, 2020, and 76,565 unvested restricted shares for the nine months ended September 30, 2019, because their effect would be antidilutive.