Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2022

The following potentially issuable shares were excluded from the diluted EPS and EPU calculations because their impact is anti-dilutive:

•exercise of 2,363 stock options for the three months ended March 31, 2021,

•conversions of downREIT operating partnership units and 5.417% Series 1 Cumulative Convertible Preferred Shares for both the three months ended March 31, 2022 and 2021, and

•the issuance of 0.7 million and 0.3 million shares and units issuable under common share forward sales agreements for the three months ended March 31, 2022 and 2021, respectively.

Additionally, 10,441 unvested restricted stock units are excluded from the diluted EPS and EPU calculations as the market based performance criteria in the awards has not yet been achieved.

Federal Realty Investment Trust Earnings per Share


	Three Months Ended
	March 31,
		2022		2021
		(In thousands, except per share data)
NUMERATOR
Net income		$	54,728	49,739
Less: Preferred share dividends		(2,010)		(2,010)
Less: Income from operations attributable to noncontrolling interests		(2,744)		(1,503)
Less: Earnings allocated to unvested shares		(307)		(294)



Net income available for common shareholders, basic and diluted		$	49,667	$	45,932
DENOMINATOR
Weighted average common shares outstanding, basic		78,446		76,842
Effect of dilutive securities:

Open forward contracts for share issuances		97		—
Weighted average common shares outstanding, diluted		78,543		76,842

EARNINGS PER COMMON SHARE, BASIC AND DILUTED:
Net income available for common shareholders		$	0.63	$	0.60

Federal Realty OP LP Earnings per Unit


	Three Months Ended
	March 31,
		2022		2021
		(In thousands, except per unit data)
NUMERATOR
Net income		$	54,728	49,739
Less: Preferred unit distributions		(2,010)		(2,010)
Less: Income from operations attributable to noncontrolling interests		(2,744)		(1,503)
Less: Earnings allocated to unvested units		(307)		(294)



Net income available for common unit holders, basic and diluted		$	49,667	$	45,932
DENOMINATOR
Weighted average common units outstanding, basic		78,446		76,842
Effect of dilutive securities:

Common unit issuances relating to open common share forward contracts		97		—
Weighted average common units outstanding, diluted		78,543		76,842

EARNINGS PER COMMON UNIT, BASIC AND DILUTED:
Net income available for common unit holders		$	0.63	$	0.60