Earnings per Share and Unit

3 Months Ended

Mar. 31, 2023

Earnings Per Share And Unit [Abstract]

Earnings per Share and Unit

11. Earnings per Share and Unit

Parent Company Earnings per Share

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

	Three months ended March 31,
(in thousands, except per share data)	2023		2022
Numerator:
Income attributable to common shareholders - basic	$	97,281		195,228
Income attributable to common shareholders - diluted	$	97,281		195,228
Denominator:
Weighted average common shares outstanding for basic EPS		171,212		171,312
Weighted average common shares outstanding for diluted EPS (1)		171,494		171,671
Income per common share – basic	$	0.57		1.14
Income per common share – diluted	$	0.57		1.14

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

Income attributable to noncontrolling interests of the Operating Partnership has been excluded from the numerator and EOP 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 EOP units outstanding were 741,433 and 760,046 for the three months ended March 31, 2023 and 2022, respectively.

Operating Partnership Earnings per Unit

The following summarizes the calculation of basic and diluted earnings per unit ("EPU"):

	Three months ended March 31,
(in thousands, except per share data)	2023		2022
Numerator:
Income attributable to common unit holders - basic	$	97,701		196,091
Income attributable to common unit holders - diluted	$	97,701		196,091
Denominator:
Weighted average common units outstanding for basic EPU		171,953		172,072
Weighted average common units outstanding for diluted EPU (1)		172,235		172,431
Income per common unit – basic	$	0.57		1.14
Income per common unit – diluted	$	0.57		1.14

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