| EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL |
17. EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS’ EQUITY AND CAPITAL Earnings per share and shareholders’ equity The following is a summary of the elements used in calculating basic and diluted earnings per share: | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | | | | (in thousands, except per share amounts) | Net income | | $ | 82,432 | | $ | 94,186 | | | $ | 171,177 | | $ | 189,044 | Net income attributable to noncontrolling interests in the Operating Partnership | | | (401) | | | (524) | | | | (854) | | | (1,065) | Net loss attributable to noncontrolling interests in subsidiaries | | | 929 | | | 302 | | | | 1,834 | | | 512 | Net income attributable to the Company's common shareholders | | $ | 82,960 | | $ | 93,964 | | | $ | 172,157 | | $ | 188,491 | | | | | | | | | | | | | | | Weighted average basic shares outstanding | | | 228,737 | | | 225,886 | | | | 228,700 | | | 225,827 | Share options and restricted share units | | | 566 | | | 732 | | | | 573 | | | 766 | Weighted average diluted shares outstanding | | | 229,303 | | | 226,618 | | | | 229,273 | | | 226,593 | | | | | | | | | | | | | | | Basic earnings per share attributable to common shareholders | | $ | 0.36 | | $ | 0.42 | | | $ | 0.75 | | $ | 0.83 | Diluted earnings per share attributable to common shareholders (1) | | $ | 0.36 | | $ | 0.41 | | | $ | 0.75 | | $ | 0.83 | | | | | | | | | | | | | | | Dividends declared per common share | | $ | 0.52 | | $ | 0.51 | | | $ | 1.04 | | $ | 1.02 |
| (1) | The amounts of anti-dilutive options that were excluded from the computation of diluted earnings per share were 1.4 million for both the three and six months ended June 30, 2025 and 1.1 million for both the three and six months ended June 30, 2024. |
Income allocated to noncontrolling interests of the Operating Partnership has been excluded from the numerator and OP Units owned by third parties 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 outstanding OP Units owned by third parties were 1.1 million for both the three and six months ended June 30, 2025 and 1.3 million for both the three and six months ended June 30, 2024. Earnings per unit and capital The following is a summary of the elements used in calculating basic and diluted earnings per unit: | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | | | | (in thousands, except per unit amounts) | Net income | | $ | 82,432 | | $ | 94,186 | | $ | 171,177 | | $ | 189,044 | Net loss attributable to noncontrolling interests in subsidiaries | | | 929 | | | 302 | | | 1,834 | | | 512 | Net income attributable to CubeSmart, L.P. | | $ | 83,361 | | $ | 94,488 | | $ | 173,011 | | $ | 189,556 | | | | | | | | | | | | | | Weighted average basic units outstanding | | | 229,852 | | | 227,145 | | | 229,842 | | | 227,101 | Unit options and restricted share units | | | 566 | | | 732 | | | 573 | | | 766 | Weighted average diluted units outstanding | | | 230,418 | | | 227,877 | | | 230,415 | | | 227,867 | | | | | | | | | | | | | | Basic earnings per unit attributable to CubeSmart, L.P. | | $ | 0.36 | | $ | 0.42 | | $ | 0.75 | | $ | 0.83 | Diluted earnings per unit attributable to CubeSmart, L.P. (1) | | $ | 0.36 | | $ | 0.41 | | $ | 0.75 | | $ | 0.83 | | | | | | | | | | | | | | Dividends declared per common unit | | $ | 0.52 | | $ | 0.51 | | $ | 1.04 | | $ | 1.02 |
| (1) | The amounts of anti-dilutive options that were excluded from the computation of diluted earnings per unit were 1.4 million for the three and six months ended June 30, 2025 and 1.1 million for both the three and six months ended June 30, 2024. |
The OP Units owned by the General Partner and the OP Units owned by third parties have essentially the same economic characteristics as they share equally in the total net income or loss and distributions of the Operating Partnership. OP Units owned by third parties may be redeemed for cash or, at the Company’s option, common shares of CubeSmart on a one-for-one basis. The following is a summary of OP Units outstanding: | | | | | | | | | As of June 30, | | | | 2025 | | 2024 | Outstanding OP Units owned by third parties | | | 1,103,240 | | 1,238,205 | Outstanding OP Units owned by the General Partner | | | 228,033,843 | | 225,196,862 | | | | | | |
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