Weighted

Aggregate

Average

Intrinsic

Shares

Exercise

Value

Under Options

Price

$(000’s)

Outstanding at January 1, 2018 ($17.31)

800,000

$

17.31

$

3,400

Granted, Lapsed or Cancelled

-

-

Outstanding at December 31, 2018 ($17.31)

800,000

$

17.31

1,824

Granted, Lapsed or Cancelled

-

-

Outstanding at December 31, 2019 ($17.31)

800,000

$

17.31

4,656

Granted

172,495

14.39

Outstanding at December 31, 2020 ($14.39 - $17.31)

972,495

$

16.79

$

-

Options exercisable at December 31, 2020

972,495

Available for grant at December 31, 2020

717,155

Year Ended December 31,

Computation of Basic EPS

2020

2019

2018

Income (loss) from continuing operations

$

(115,523)

$

252,820

$

82,824

Add (deduct): Noncontrolling interests in consolidated joint ventures

2,695

3,904 

1,216 

Add (deduct): Noncontrolling interests in Operating Partnership

13,279

(23,720)

(7,127)

Add (deduct): Redeemable noncontrolling interests

(25,883)

(22,615)

(13,979)

Add (deduct): Redemption value adjustment of redeemable noncontrolling

interests attributable to common shareholders

(11,814)

(25,885)

(11,425)

Income (loss) from continuing operations available to common shareholders

(137,246)

184,504

51,509

Income (loss) from discontinued operations available to common shareholders

74,045

(98,528)

21,177

Net income (loss) available to common shareholders for basic earnings per share

$

(63,201)

$

85,976

$

72,686

Weighted average common shares

90,648

90,557 

90,388 

Basic EPS:

Income (loss) from continuing operations available to common shareholders

$

(1.51)

$

2.04

$

0.57

Income (loss) from discontinued operations available to common shareholders

0.81

(1.09)

0.23

Net income (loss) available to common shareholders

$

(0.70)

$

0.95 

$

0.80 

Year Ended December 31,

Computation of Diluted EPS

2020

2019

2018

Net income (loss) from continuing operations available to common shareholders

$

(137,246)

$

184,504

$

51,509

Add (deduct): Noncontrolling interests in Operating Partnership

(13,279)

23,720

7,127

Add (deduct): Redemption value adjustment of redeemable noncontrolling

interests attributable to the Operating Partnership unitholders

(1,254)

(2,855)

(1,296)

Income (loss) from continuing operations for diluted earnings per share

(151,779)

205,369

57,340

Income (loss) from discontinued operations for diluted earnings per share

81,925

(108,984)

23,577

Net income (loss) available for diluted earnings per share

$

(69,854)

$

96,385

$

80,917

Weighted average common shares

100,260

100,689 

100,724 

Diluted EPS:

Income (loss) from continuing operations available to common shareholders

$

(1.51)

$

2.04

$

0.57

Income (loss) from discontinued operations available to common shareholders

0.81

(1.09)

0.23

Net income (loss) available to common shareholders

$

(0.70)

$

0.95 

$

0.80 

Year Ended December 31,

2020

2019

2018

Basic EPS shares

90,648

90,557 

90,388 

Add: Operating Partnership – common and vested LTIP units

9,612

9,963 

10,246 

Restricted Stock Awards

-

-

-

Stock Options

-

169 

90 

Diluted EPS Shares

100,260

100,689 

100,724 

Weighted-Average

Grant – Date

Shares

Fair Value

Outstanding at January 1, 2018

108,318

$

25.49

Granted

40,185

20.16

Vested

(72,502)

25.33

Forfeited

(8,712)

25.83

Outstanding at December 31, 2018

67,289

$

22.43

Granted

42,690

21.08

Vested

(65,353)

22.34

Forfeited

(1,936)

25.83

Outstanding at December 31, 2019

42,690

$

21.08

Granted

52,974

15.29

Vested

(42,690)

21.08

Forfeited

-

-

Outstanding at December 31, 2020

52,974

$

15.29

AO LTIP

Units

Expected life (in years)

5.5 - 6.0

Risk-free interest rate

2.6

%

Volatility

29.0

%

Dividend yield

3.5

%

Stock

Options

Expected life (in years)

5.3

Risk-free interest rate

0.41

%

Volatility

31.0

%

Dividend yield

2.7

%