Earnings per Share

9 Months Ended

Sep. 30, 2021

Note 12—Earnings per Share

Basic and diluted EPS are calculated as follows:



	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2021		2020		2021		2020
(in thousands, except share and per share data)
Numerator:





Net income available to common stockholders — basic and diluted	$	69,108	$	32,540	$	186,622	$	125,178

Denominator:
Weighted average common shares outstanding — basic	577,011,178		560,598,995		570,808,028		550,722,684
Effect of dilutive securities:
Incremental shares attributed to non-vested share-based awards	1,560,214		1,272,378		1,454,170		1,224,594
Weighted average common shares outstanding — diluted	578,571,392		561,871,373		572,262,198		551,947,278

Net income per common share — basic	$	0.12	$	0.06	$	0.33	$	0.23
Net income per common share — diluted	$	0.12	$	0.06	$	0.33	$	0.23

Incremental shares attributed to non-vested share-based awards are excluded from the computation of diluted EPS when they are anti-dilutive. Because their inclusion would have been anti-dilutive, the following number of incremental shares attributed to non-vested share-based awards are excluded from the denominator: for the three months ended September 30, 2020, 153,114; and for the nine months ended September 30, 2021 and 2020, 22,585 and 120,835, respectively. There are not any anti-dilutive incremental shares attributed to non-vested share-based awards for the three months ended September 30, 2021.

For the three and nine months ended September 30, 2021 and 2020, vested OP Units have been excluded from the computation of EPS because all income attributable to such vested OP Units has been recorded as non-controlling interest and thus excluded from net income available to common stockholders.

For the three and nine months ended September 30, 2021, using the “if-converted” method, 8,632,132 and 12,964,322 potential shares of common stock issuable upon the conversion of the 2022 Convertible Notes, respectively, are excluded from the computation of diluted EPS as they are anti-dilutive. For the three and nine months ended September 30, 2020, using the “if-converted” method, 15,100,443 potential shares of common stock issuable upon the conversion of the 2022 Convertible Notes are excluded from the computation of diluted EPS as they are anti-dilutive. Additionally, no adjustment to the numerator is required for interest expense related to the 2022 Convertible Notes for the three and nine months ended September 30, 2021 and 2020. See Note 7 for further discussion about the 2022 Convertible Notes.