Earnings per Share and Unit

12 Months Ended

Dec. 31, 2021

Earnings Per Share And Unit [Abstract]

Earnings per Share and Unit

15.Earnings per Share and Unit

Parent Company Earnings per Share

The following summarizes the calculation of basic and diluted earnings per share:

	Year ended December 31,
(in thousands, except per share data)	2021		2020		2019
Numerator:
Income attributable to common stockholders - basic	$	361,411	$	44,889		239,430
Income attributable to common stockholders - diluted	$	361,411	$	44,889		239,430
Denominator:
Weighted average common shares outstanding for basic EPS		170,236		169,231		167,526
Weighted average common shares outstanding for diluted EPS (1) (2)		170,694		169,460		167,771
Income per common share – basic	$	2.12	$	0.27		1.43
Income per common share – diluted	$	2.12	$	0.26		1.43

(1)Includes the dilutive impact of unvested restricted stock.

(2)Using the treasury stock method, weighted average common shares outstanding for basic and diluted earnings per share exclude 1.0 million and 1.9 million shares issuable under the forward ATM equity offering outstanding during 2021 and 2019, respectively, as they would be anti-dilutive.

Income allocated to noncontrolling interests of the Operating Partnership has been excluded from the numerator and exchangeable Operating Partnership units 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 exchangeable Operating Partnership units outstanding for the years ended December 31, 2021, 2020, and 2019, were 761,955, 765,046, and 464,286, respectively.

Operating Partnership Earnings per Unit

The following summarizes the calculation of basic and diluted earnings per unit:

	Year ended December 31,
(in thousands, except per share data)	2021		2020		2019
Numerator:
Income attributable to common unit holders - basic	$	363,026	$	45,092		240,064
Income attributable to common unit holders - diluted	$	363,026	$	45,092		240,064
Denominator:
Weighted average common units outstanding for basic EPU		170,998		169,997		167,990
Weighted average common units outstanding for diluted EPU (1) (2)		171,456		170,225		168,235
Income per common unit – basic	$	2.12	$	0.27		1.43
Income per common unit – diluted	$	2.12	$	0.26		1.43

(1)Includes the dilutive impact of unvested restricted stock.

(2)Using the treasury stock method, weighted average common shares outstanding for basic and diluted earnings per share exclude 1.0 million and 1.9 million shares issuable under the forward ATM equity offering outstanding during 2021 and 2019, respectively, as they would be anti-dilutive.