Earnings per Share and Unit

3 Months Ended

Mar. 31, 2021

Earnings Per Share And Unit [Abstract]

12.	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)	2021		2020
Numerator:
Income (loss) attributable to common stockholders - basic	$	80,656		(25,332	)
Income (loss) attributable to common stockholders - diluted	$	80,656		(25,332	)
Denominator:
Weighted average common shares outstanding for basic EPS		169,768		167,908
Weighted average common shares outstanding for diluted EPS ⁽¹⁾		170,006		167,908
Income (loss) per common share – basic	$	0.48		(0.15	)
Income (loss) per common share – diluted	$	0.47		(0.15	)

⁽¹⁾

^{The three months ended March 31, 2020 excludes the impact of unvested restricted stock because 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 three months ended March 31, 2021 and 2020 was 765,046 for both periods.

Operating Partnership Earnings per Unit

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

	Three months ended March 31,
(in thousands, except per share data)	2021		2020
Numerator:
Income (loss) attributable to common unit holders - basic	$	81,020		(25,447	)
Income (loss) attributable to common unit holders - diluted	$	81,020		(25,447	)
Denominator:
Weighted average common units outstanding for basic EPU		170,533		168,673
Weighted average common units outstanding for diluted EPU ⁽¹⁾		170,771		168,673
Income (loss) per common unit – basic	$	0.48		(0.15	)
Income (loss) per common unit – diluted	$	0.47		(0.15	)

⁽¹⁾

^{The three months ended March 31, 2020 excludes the impact of unvested restricted stock because they would be anti-dilutive}