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EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2016
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
EARNINGS PER SHARE AND UNIT

Urban Edge Earnings per Share
We have calculated earnings per share (“EPS”) under the two-class method. The two-class method is an earnings allocation methodology whereby EPS for each class of Urban Edge common shares and participating securities is calculated according to dividends declared and participating rights in undistributed earnings. Restricted shares issued pursuant to our share-based compensation program are considered participating securities, and as such have non-forfeitable rights to receive dividends.
The following table sets forth the computation of our basic and diluted earnings per share:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(Amounts in thousands, except per share amounts)
2016
 
2015
 
2016
 
2015
Numerator:
 
 
 
 
 
 
 
Net income attributable to common shareholders
$
19,265

 
$
18,860

 
$
71,771

 
$
23,559

Less: Earnings allocated to unvested participating securities
(26
)
 
(7
)
 
(88
)
 
(16
)
Net income available for common shareholders
$
19,239

 
$
18,853

 
$
71,683

 
$
23,543

 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
Weighted average common shares outstanding - basic
99,304

 
99,252

 
99,281

 
99,250

Effect of dilutive securities(1):
 
 
 
 
 
 
 
Stock options using the treasury stock method
436

 
—

 
259

 
22

Restricted stock
130

 
34

 
109

 
—

Assumed conversion of LTIP units
—

 
—

 
62

 
—

Weighted average common shares outstanding - diluted
99,870

 
99,286

 
99,711

 
99,272

 
 
 
 
 
 
 
 
Earnings per share available to common shareholders:
 
 
 
 
 
 
 
Earnings per common share - Basic
$
0.19

 
$
0.19

 
$
0.72

 
$
0.24

Earnings per common share - Diluted
$
0.19

 
$
0.19

 
$
0.72

 
$
0.24

(1) For the three months ended September 30, 2016 and 2015 and the nine months ended September 30, 2015, the effect of the redemption of OP and LTIP units would have an anti-dilutive effect on the calculation of diluted EPS. Accordingly, the impact of such conversion has not been included in the determination of diluted EPS for these periods. Additionally there were stock options outstanding that were excluded from the computation of diluted EPS for the three months ended September 30, 2015 as their inclusion would be anti-dilutive.
Operating Partnership Earnings per Unit
The following table sets forth the computation of basic and diluted earnings per unit:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(Amounts in thousands, except per unit amounts)
2016
 
2015
 
2016
 
2015
Numerator:
 
 
 
 
 
 
 
Net income attributable to unitholders
$
20,504

 
$
20,039

 
$
76,365

 
$
25,164

Less: net income attributable to participating securities
(43
)
 
(25
)
 
(174
)
 
(62
)
Net income available for unitholders
$
20,461

 
$
20,014

 
$
76,191

 
$
25,102

 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
Weighted average units outstanding - basic
105,404

 
105,312

 
105,370

 
105,262

Effect of dilutive securities issued by Urban Edge
566

 
34

 
368

 
22

Unvested LTIP units
—

 
—

 
62

 
—

Weighted average units outstanding - diluted
105,970

 
105,346

 
105,800

 
105,284

 
 
 
 
 
 
 
 
Earnings per unit available to unitholders:
 
 
 
 
 
 
 
Earnings per unit - Basic
$
0.19

 
$
0.19

 
$
0.72

 
$
0.24

Earnings per unit - Diluted
$
0.19

 
$
0.19

 
$
0.72

 
$
0.24