Earnings Per Share |
The following table sets forth the computation of basic and diluted earnings per share of the Company:
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2023 | | 2022 | | 2023 | | 2022 | Earnings per Common Share - basic: | | | | | | | | Numerator: | | | | | | | | Net income | $ | 23,171 | | | $ | 40,110 | | | $ | 111,995 | | | $ | 134,815 | | Net (income) attributable to noncontrolling interests in the Operating Partnership | (453) | | | (881) | | | (2,386) | | | (3,049) | | Net (income)/loss attributable to noncontrolling interests in consolidated affiliates | 5 | | | (357) | | | 488 | | | (880) | | Dividends on Preferred Stock | (622) | | | (621) | | | (1,864) | | | (1,864) | | Net income available for common stockholders | $ | 22,101 | | | $ | 38,251 | | | $ | 108,233 | | | $ | 129,022 | | Denominator: | | | | | | | | Denominator for basic earnings per Common Share – weighted average shares (1) | 105,671 | | | 105,184 | | | 105,473 | | | 105,094 | | Net income available for common stockholders | $ | 0.21 | | | $ | 0.36 | | | $ | 1.03 | | | $ | 1.23 | | Earnings per Common Share - diluted: | | | | | | | | Numerator: | | | | | | | | Net income | $ | 23,171 | | | $ | 40,110 | | | $ | 111,995 | | | $ | 134,815 | | Net (income)/loss attributable to noncontrolling interests in consolidated affiliates | 5 | | | (357) | | | 488 | | | (880) | | Dividends on Preferred Stock | (622) | | | (621) | | | (1,864) | | | (1,864) | | Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership | $ | 22,554 | | | $ | 39,132 | | | $ | 110,619 | | | $ | 132,071 | | Denominator: | | | | | | | | Denominator for basic earnings per Common Share – weighted average shares (1) | 105,671 | | | 105,184 | | | 105,473 | | | 105,094 | | Add: | | | | | | | | Stock options using the treasury method | — | | | — | | | — | | | 7 | | Noncontrolling interests Common Units | 2,161 | | | 2,417 | | | 2,289 | | | 2,469 | | Denominator for diluted earnings per Common Share – adjusted weighted average shares and assumed conversions | 107,832 | | | 107,601 | | | 107,762 | | | 107,570 | | Net income available for common stockholders | $ | 0.21 | | | $ | 0.36 | | | $ | 1.03 | | | $ | 1.23 | |
__________ (1)Includes all unvested restricted stock where dividends on such restricted stock are non-forfeitable.
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Earnings Per Unit |
The following table sets forth the computation of basic and diluted earnings per unit of the Operating Partnership:
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2023 | | 2022 | | 2023 | | 2022 | Earnings per Common Unit - basic: | | | | | | | | Numerator: | | | | | | | | Net income | $ | 23,171 | | | $ | 40,110 | | | $ | 111,995 | | | $ | 134,815 | | Net (income)/loss attributable to noncontrolling interests in consolidated affiliates | 5 | | | (357) | | | 488 | | | (880) | | Distributions on Preferred Units | (622) | | | (621) | | | (1,864) | | | (1,864) | | | | | | | | | | | | | | | | | | | | | | | | | | Net income available for common unitholders | $ | 22,554 | | | $ | 39,132 | | | $ | 110,619 | | | $ | 132,071 | | Denominator: | | | | | | | | Denominator for basic earnings per Common Unit – weighted average units (1) | 107,423 | | | 107,192 | | | 107,353 | | | 107,154 | | | | | | | | | | | | | | | | | | | | | | | | | | Net income available for common unitholders | $ | 0.21 | | | $ | 0.37 | | | $ | 1.03 | | | $ | 1.23 | | Earnings per Common Unit - diluted: | | | | | | | | Numerator: | | | | | | | | Net income | $ | 23,171 | | | $ | 40,110 | | | $ | 111,995 | | | $ | 134,815 | | Net (income)/loss attributable to noncontrolling interests in consolidated affiliates | 5 | | | (357) | | | 488 | | | (880) | | Distributions on Preferred Units | (622) | | | (621) | | | (1,864) | | | (1,864) | | | | | | | | | | | | | | | | | | | | | | | | | | Net income available for common unitholders | $ | 22,554 | | | $ | 39,132 | | | $ | 110,619 | | | $ | 132,071 | | Denominator: | | | | | | | | Denominator for basic earnings per Common Unit – weighted average units (1) | 107,423 | | | 107,192 | | | 107,353 | | | 107,154 | | Add: | | | | | | | | Stock options using the treasury method | — | | | — | | | — | | | 7 | | Denominator for diluted earnings per Common Unit – adjusted weighted average units and assumed conversions | 107,423 | | | 107,192 | | | 107,353 | | | 107,161 | | | | | | | | | | | | | | | | | | | | | | | | | | Net income available for common unitholders | $ | 0.21 | | | $ | 0.37 | | | $ | 1.03 | | | $ | 1.23 | |
__________ (1)Includes all unvested restricted stock where distributions on such restricted stock are non-forfeitable .
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