Earnings Per Share and Earnings Per Unit (Tables)

9 Months Ended

Sep. 30, 2020

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, 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