EPS

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

EPS

EPS

The table below presents the calculation of basic and diluted EPS:

	Year Ended December 31,
	2020		2019		2018
Numerator (In thousands):
Net income attributable to common stockholders	$	50,421	$	363,713	$	116,086
Allocation to participating securities: Unvested LTIP Units	(830)		(1,594)		(546)
Net income attributable to common stockholders - basic and diluted	$	49,591	$	362,119	$	115,540
Denominator (In thousands):
Weighted average shares of common stock outstanding - basic	175,380		173,358		169,893
Effect of dilutive securities: Stock options(1)	—		—		9
Weighted average shares of common stock and common stock equivalents outstanding - diluted	175,380		173,358		169,902
Net income per common share - basic	$	0.28	$	2.09	$	0.68
Net income per common share - diluted	$	0.28	$	2.09	$	0.68

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(1)     Outstanding OP Units and vested LTIP Units are not included in the denominator in calculating diluted EPS, even though they may be exchanged under certain conditions for common stock on a one-for-one basis, because their associated net income (equal on a per unit basis to the Net income per common share - diluted) was already deducted in calculating Net income attributable to common stockholders. Accordingly, any exchange would not have any effect on diluted EPS. The table below presents the weighted average OP Units and vested LTIP Units outstanding for the respective periods:

	Year Ended December 31,
(In thousands)	2020	2019	2018
OP Units	28,288	26,465	26,661
Vested LTIP Units	815	1,652	813