Earnings per Share and Unit

6 Months Ended

Jun. 30, 2023

Earnings Per Share And Unit [Abstract]


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 June 30,				Six months ended June 30,
(in thousands, except per share data)	2023		2022		2023		2022
Numerator:
Income attributable to common shareholders - basic	$	86,782		104,796	$	184,063		300,024
Income attributable to common shareholders - diluted	$	86,782		104,796	$	184,063		300,024
Denominator:
Weighted average common shares outstanding for basic EPS		170,990		172,064		171,100		171,692
Weighted average common shares outstanding for diluted EPS (1)		171,275		172,424		171,369		172,036
Income per common share – basic	$	0.51		0.61	$	1.08		1.75
Income per common share – diluted	$	0.51		0.61	$	1.07		1.74

(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 901,480 and 741,433 for the three months ended June 30, 2023 and 2022, respectively, and were 822,346 and 755,393 for the six months ended June 30, 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 June 30,				Six months ended June 30,
(in thousands, except per share data)	2023		2022		2023		2022
Numerator:
Income attributable to common unit holders - basic	$	87,332		105,248	$	185,033		301,339
Income attributable to common unit holders - diluted	$	87,332		105,248	$	185,033		301,339
Denominator:
Weighted average common units outstanding for basic EPU		171,891		172,805		171,922		172,448
Weighted average common units outstanding for diluted EPU (1)		172,176		173,165		172,192		172,791
Income per common unit – basic	$	0.51		0.61	$	1.08		1.75
Income per common unit – diluted	$	0.51		0.61	$	1.07		1.74

(1)

Includes the dilutive impact of unvested restricted stock.