Earnings per Share and Unit

6 Months Ended

Jun. 30, 2021

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)	2021		2020		2021		2020
Numerator:
Income (loss) attributable to common stockholders - basic	$	95,490		19,046	$	176,146		(6,286	)
Income (loss) attributable to common stockholders - diluted	$	95,490		19,046	$	176,146		(6,286	)
Denominator:
Weighted average common shares outstanding for basic EPS		169,854		169,643		169,812		168,781
Weighted average common shares outstanding for diluted EPS ⁽¹⁾		170,172		169,971		170,065		168,781
Income (loss) per common share – basic	$	0.56		0.11	$	1.04		(0.04	)
Income (loss) per common share – diluted	$	0.56		0.11	$	1.04		(0.04	)

⁽¹⁾

^{The six months ended June 30, 2020, excludes the impact of unvested restricted stock because it 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 June 30, 2021 and 2020, were 762,793 and 765,046 , respectively. Weighted average exchangeable Operating Partnership units outstanding for the six months ended June 30, 2021 and 2020, were 763,907 and 765,046, respectively.

Operating Partnership Earnings per Unit

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

	Three months ended June 30,				Six months ended June 30,
(in thousands, except per share data)	2021		2020		2021		2020
Numerator:
Income (loss) attributable to common unit holders - basic	$	95,922		19,133	$	176,942		(6,314	)
Income (loss) attributable to common unit holders - diluted	$	95,922		19,133	$	176,942		(6,314	)
Denominator:
Weighted average common units outstanding for basic EPU		170,617		170,409		170,576		169,546
Weighted average common units outstanding for diluted EPU ⁽¹⁾		170,935		170,736		170,828		169,546
Income (loss) per common unit – basic	$	0.56		0.11	$	1.04		(0.04	)
Income (loss) per common unit – diluted	$	0.56		0.11	$	1.04		(0.04	)

⁽¹⁾

^{The six months ended June 30, 2020, excludes the impact of unvested restricted stock because it would be anti-dilutive.}