Earnings Per Unit of the Operating Partnership (Tables)

6 Months Ended

Jun. 30, 2023

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,
	2023		2022		2023		2022
Numerator:
Net income attributable to Tanger Factory Outlet Centers, Inc.	$	24,202	$	19,905	$	47,743	$	40,423
Less allocation of earnings to participating securities	(257)		(222)		(456)		(437)
Net income available to common shareholders of Tanger Factory Outlet Centers, Inc.	$	23,945	$	19,683	$	47,287	$	39,986
Denominator:
Basic weighted average common shares	104,367		103,630		104,228		103,607
Effect of notional units	722		421		668		413
Effect of outstanding options	773		703		758		720
Diluted weighted average common shares	105,862		104,754		105,654		104,740
Basic earnings per common share:
Net income	$	0.23	$	0.19	$	0.45	$	0.39
Diluted earnings per common share:
Net income	$	0.23	$	0.19	$	0.45	$	0.38

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,
	2023		2022		2023		2022
Numerator:
Net income attributable to partners of the Operating Partnership	$	25,300	$	20,819	$	49,912	$	42,281
Less allocation of earnings to participating securities	(257)		(222)		(456)		(437)
Net income available to common unitholders of the Operating Partnership	$	25,043	$	20,597	$	49,456	$	41,844
Denominator:
Basic weighted average common units	109,105		108,391		108,966		108,369
Effect of notional units	722		421		668		413
Effect of outstanding options	773		703		758		720
Diluted weighted average common units	110,600		109,515		110,392		109,502
Basic earnings per common unit:
Net income	$	0.23	$	0.19	$	0.45	$	0.39
Diluted earnings per common unit:
Net income	$	0.23	$	0.19	$	0.45	$	0.38