Earnings Per Unit of the Operating Partnership (Tables)

6 Months Ended

Jun. 30, 2022

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth a reconciliation of the numerators and denominators in computing the Company’s earnings per share (in thousands, except per share amounts):


	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Numerator:
Net income attributable to Tanger Factory Outlet Centers, Inc.	$	19,905	$	2,478	$	40,423	$	6,611
Less allocation of earnings to participating securities	(222)		(196)		(437)		(403)
Net income available to common shareholders of Tanger Factory Outlet Centers, Inc.	$	19,683	$	2,282	$	39,986	$	6,208
Denominator:
Basic weighted average common shares	103,630		100,409		103,607		97,504
Effect of notional units	421		818		413		685
Effect of outstanding options	703		771		720		728
Diluted weighted average common shares	104,754		101,998		104,740		98,917
Basic earnings per common share:
Net income	$	0.19	$	0.02	$	0.39	$	0.06
Diluted earnings per common share:
Net income	$	0.19	$	0.02	$	0.38	$	0.06

The following table sets forth a reconciliation of the numerators and denominators in computing earnings per unit (in thousands, except per unit amounts):


	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Numerator:
Net income attributable to partners of the Operating Partnership	$	20,819	$	2,596	$	42,281	$	6,938
Less allocation of earnings to participating securities	(222)		(196)		(437)		(403)
Net income available to common unitholders of the Operating Partnership	$	20,597	$	2,400	$	41,844	$	6,535
Denominator:
Basic weighted average common units	108,391		105,204		108,369		102,299
Effect of notional units	421		818		413		685
Effect of outstanding options	703		771		720		728
Diluted weighted average common units	109,515		106,793		109,502		103,712
Basic earnings per common unit:
Net income	$	0.19	$	0.02	$	0.39	$	0.06
Diluted earnings per common unit:
Net income	$	0.19	$	0.02	$	0.38	$	0.06