Earnings per Share and Unit

3 Months Ended

Mar. 31, 2024

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 March 31,
(in thousands, except per share data)	2024		2023
Numerator:
Net income attributable to common shareholders - basic	$	106,361		97,281
Net income attributable to common shareholders - diluted	$	106,361		97,281
Denominator:
Weighted average common shares outstanding for basic EPS		184,678		171,212
Weighted average common shares outstanding for diluted EPS (1)		184,770		171,494
Net income per common share – basic	$	0.58		0.57
Net income per common share – diluted	$	0.58		0.57

(1)

Includes the dilutive impact of unvested restricted stock.

The effect of the assumed conversion of the EOP units and certain other convertible units had an anti-dilutive effect upon the calculation of net income to the common shareholders per share. Accordingly, the impact of such assumed conversions has not been included in the determination of diluted net income per share calculations. Weighted average EOP units outstanding were 1,101,104 and 741,433 for the three months ended March 31, 2024 and 2023, 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 unit data)	2024		2023
Numerator:
Net income attributable to common unit holders - basic	$	107,003		97,701
Net income attributable to common unit holders - diluted	$	107,003		97,701
Denominator:
Weighted average common units outstanding for basic EPU		185,779		171,953
Weighted average common units outstanding for diluted EPU (1)		185,872		172,235
Net income per common unit – basic	$	0.58		0.57
Net income per common unit – diluted	$	0.58		0.57

(1)

Includes the dilutive impact of unvested restricted stock.

The effect of the assumed conversion of certain other convertible units had an anti-dilutive effect upon the calculation of net income to the common unit holders per share. Accordingly, the impact of such assumed conversions has not been included in the determination of diluted net income per unit calculations.