Earnings Per Share and Earnings Per Unit

3 Months Ended

Mar. 31, 2021

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 March 31, 2021		Three Months Ended March 31, 2020
Numerator:
Net income attributable to common shareholders	$	47,383	$	36,433
Denominator:
Denominator for basic earnings per share – weighted average shares		75,387		70,016
Effect of Dilutive Securities:
Stock options and non-vested stock		123		110
Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversion		75,510		70,126
Basic earnings per common share attributable to common shareholders	$	0.63	$	0.52
Diluted earnings per common share attributable to common shareholders	$	0.63	$	0.52

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 March 31, 2021		Three Months Ended March 31, 2020
Numerator:
Net income attributable to common unitholders	$	47,383	$	36,433
Denominator:
Denominator for basic earnings per unit – weighted average units		75,387		70,016
Effect of Dilutive Securities:
Stock options and non-vested stock		123		110
Denominator for diluted earnings per unit – adjusted weighted average units and assumed conversion		75,510		70,126
Basic earnings per common unit attributable to common unitholders	$	0.63	$	0.52
Diluted earnings per common unit attributable to common unitholders	$	0.63	$	0.52

Not included in the effect of dilutive securities above for both earnings per share and earnings per unit are 149,227 unvested restricted shares for the three months ended March 31, 2021, and 148,047 unvested restricted shares for the three months ended March 31, 2020, because their effect would be antidilutive.