Per Share and Per Unit Data

12 Months Ended

Dec. 31, 2019

Per Share and Per Unit Data

Per Share and Per Unit Data

5. Per Share and Per Unit Data

We determine basic earnings per share and basic earnings per unit based on the weighted average number of shares of common stock or units, as applicable, outstanding during the period and we consider any participating securities for purposes of applying the two-class method. We determine diluted earnings per share and diluted earnings per unit based on the weighted average number of shares of common stock or units, as applicable, outstanding combined with the incremental weighted average number of shares or units, as applicable, that would have been outstanding assuming all potentially dilutive securities were converted into shares of common stock or units, as applicable, at the earliest date possible. The following tables set forth the computation of basic and diluted earnings per share and basic and diluted earnings per unit.

Simon

	For the Year Ended December 31,
	2019		2018		2017
Net Income attributable to Common Stockholders — Basic and Diluted	$	2,098,247	$	2,436,721	$	1,944,625
Weighted Average Shares Outstanding — Basic and Diluted		307,950,112		309,627,178		311,517,345

For the year ended December 31, 2019, potentially dilutive securities include units that are exchangeable for common stock and long-term incentive performance units, or LTIP units, granted under our long-term incentive performance programs that are convertible into units and exchangeable for common stock. No securities had a material dilutive effect for the years ended December 31, 2019, 2018, and 2017. We have not adjusted net income attributable to common stockholders and weighted average shares outstanding for income allocable to limited partners or units, respectively, as doing so would have no dilutive impact. We accrue dividends when they are declared.

The Operating Partnership

	For the Year Ended December 31,
	2019		2018		2017
Net Income attributable to Unitholders — Basic and Diluted	$	2,416,945	$	2,805,764	$	2,239,638
Weighted Average Units Outstanding — Basic and Diluted		354,724,019		356,520,452		358,776,632

For the year ended December 31, 2019, potentially dilutive securities include LTIP units. No securities had a material dilutive effect for the years ended December 31, 2019, 2018, and 2017. We accrue distributions when they are declared.

The taxable nature of the dividends declared and Operating Partnership distributions declared for each of the years ended as indicated is summarized as follows:

	For the Year Ended December 31,
	2019			2018			2017
Total dividends/distributions paid per common share/unit	$	8.30		$	7.90		$	7.15
Percent taxable as ordinary income		100.00	%		96.20	%		100.00	%
Percent taxable as long-term capital gains		0.00	%		3.80	%		0.00	%
		100.00	%		100.00	%		100.00	%

In the first quarter of 2020, Simon’s Board of Directors declared a quarterly cash dividend of $2.10 per share of common stock payable on February 28, 2020 to stockholders of record on February 14, 2020. The Operating Partnership’s distribution rate on its units is equal to the dividend rate on Simon’s common stock.