Earnings Per Share and Per Unit (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share and Per Unit Basic and Diluted [Line Items]

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

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(1)Includes all unvested restricted stock where dividends on such restricted stock are non-forfeitable.

Highwoods Realty Limited Partnership

Earnings Per Share and Per Unit Basic and Diluted [Line Items]

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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