Earnings per Share and Unit

6 Months Ended

Jun. 30, 2019

Earnings Per Share And Unit [Abstract]

12.	Earnings per Share and Unit

Parent Company Earnings per Share

The following summarizes the calculation of basic and diluted earnings per share:

	Three months ended June 30,				Six months ended June 30,
(in thousands, except per share data)	2019		2018		2019		2018
Numerator:
Income from operations attributable to common stockholders - basic	$	51,728		47,841	$	142,174		100,500
Income from operations attributable to common stockholders - diluted	$	51,728		47,841	$	142,174		100,500
Denominator:
Weighted average common shares outstanding for basic EPS		167,536		169,424		167,488		170,056
Weighted average common shares outstanding for diluted EPS ⁽¹⁾		167,962		169,682		167,877		170,291
Income per common share – basic	$	0.31		0.28	$	0.85		0.59
Income per common share – diluted	$	0.31		0.28	$	0.85		0.59

⁽¹⁾ Includes the dilutive impact of unvested restricted stock using the treasury stock method.

Income allocated to noncontrolling interests of the Operating Partnership has been excluded from the numerator and exchangeable Operating Partnership units have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would be anti-dilutive. Weighted average exchangeable Operating Partnership units outstanding for both the three and six months ended June 30, 2019 and 2018 were 349,902 for both periods.

Operating Partnership Earnings per Unit

The following summarizes the calculation of basic and diluted earnings per unit:

	Three months ended June 30,				Six months ended June 30,
(in thousands, except per share data)	2019		2018		2019		2018
Numerator:
Income from operations attributable to common unit holders - basic	$	51,837		47,941	$	142,473		100,712
Income from operations attributable to common unit holders - diluted	$	51,837		47,941	$	142,473		100,712
Denominator:
Weighted average common units outstanding for basic EPU		167,886		169,774		167,838		170,406
Weighted average common units outstanding for diluted EPU ⁽¹⁾		168,312		170,032		168,227		170,641
Income per common unit – basic	$	0.31		0.28	$	0.85		0.59
Income per common unit – diluted	$	0.31		0.28	$	0.85		0.59

⁽¹⁾ Includes the dilutive impact of unvested restricted stock using the treasury stock method.