| Summary of the elements used in calculating basic and diluted earnings per common share |
The following is a summary of the elements used in calculating basic and diluted earnings per share: | | | | | | | | | | | | | | For the year ended December 31, | | | 2023 | | 2022 | | 2021 | | | | (dollars and shares in thousands, except per share amounts) | Net income | | $ | 412,435 | | | $ | 292,472 | | | $ | 230,813 | Noncontrolling interests in the Operating Partnership | | | (2,535) | | | | (1,931) | | | | (7,873) | Noncontrolling interests in subsidiaries | | | 857 | | | | 722 | | | | 542 | Net income attributable to the Company’s common shareholders | | $ | 410,757 | | | $ | 291,263 | | | $ | 223,482 | | | | | | | | | | | | | Weighted average basic shares outstanding | | | 225,424 | | | | 224,928 | | | | 203,832 | Share options and restricted share units | | | 817 | | | | 953 | | | | 1,177 | Weighted average diluted shares outstanding (1) | | | 226,241 | | | | 225,881 | | | | 205,009 | | | | | | | | | | | | | Basic earnings per share attributable to common shareholders | | $ | 1.82 | | | $ | 1.29 | | | $ | 1.10 | Diluted earnings per share attributable to common shareholders (2) | | $ | 1.82 | | | $ | 1.29 | | | $ | 1.09 |
The following is a summary of the elements used in calculating basic and diluted earnings per unit: | | | | | | | | | | | | | | For the year ended December 31, | | | 2023 | | 2022 | | 2021 | | | | (dollars and units in thousands, except per unit amounts) | Net income | | $ | 412,435 | | | $ | 292,472 | | | $ | 230,813 | Noncontrolling interests in subsidiaries | | | 857 | | | | 722 | | | | 542 | Net income attributable to CubeSmart, L.P. | | $ | 413,292 | | | $ | 293,194 | | | $ | 231,355 | | | | | | | | | | | | | Weighted average basic units outstanding (3) | | | 226,817 | | | | 226,449 | | | | 210,949 | Unit options and restricted share units | | | 817 | | | | 953 | | | | 1,177 | Weighted average diluted units outstanding (1) (3) | | | 227,634 | | | | 227,402 | | | | 212,126 | | | | | | | | | | | | | Basic earnings per unit attributable to CubeSmart, L.P. | | $ | 1.82 | | | $ | 1.29 | | | $ | 1.10 | Diluted earnings per unit attributable to CubeSmart, L.P. (2) | | $ | 1.82 | | | $ | 1.29 | | | $ | 1.09 |
| (1) | For the years ended December 31, 2023, 2022 and 2021, the Company declared cash dividends per common share/unit of $1.98, $1.78 and $1.45, respectively. |
| (2) | The amounts of anti-dilutive options that were excluded from the computation of diluted earnings per share/unit for the years ended December 31, 2023 and 2022 were 0.7 million and 0.3 million, respectively. There were no anti-dilutive options for the year ended December 31, 2021. |
| (3) | Prior period amounts have been updated to conform to current year presentation. |
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| Summary of OP units outstanding |
| | | | | | | | | As of December 31, | | | 2023 | | 2022 | | 2021 | Outstanding OP Units owned by third parties | | 1,300,462 | | 1,426,549 | | 1,901,595 | Outstanding OP Units owned by the General Partner | | 224,921,053 | | 224,603,462 | | 223,917,993 | | | | | | | |
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