Earnings per Share

6 Months Ended

Jun. 30, 2022

Basic and diluted EPS are calculated as follows:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,

	2022		2021		2022		2021
(in thousands, except share and per share data)
Numerator:
Net income available to common stockholders — basic and diluted	$	110,815	$	60,242	$	203,210	$	117,514

Denominator:
Weighted average common shares outstanding — basic	610,331,643		567,931,472		608,381,768		567,655,034
Effect of dilutive securities:
Incremental shares attributed to non-vested share-based awards	1,288,832		1,351,694		1,393,502		1,401,148
Weighted average common shares outstanding — diluted	611,620,475		569,283,166		609,775,270		569,056,182

Net income per common share — basic	$	0.18	$	0.11	$	0.33	$	0.21
Net income per common share — diluted	$	0.18	$	0.11	$	0.33	$	0.21

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 June 30, 2022, 206; for the six months ended June 30, 2022 and 2021, 31,881 and 33,877, respectively. There were not any anti-dilutive incremental shares attributed to non-vested share-based awards for the three months ended June 30, 2021.

For the three and six months ended June 30, 2022 and 2021, 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 six months ended June 30, 2022, using the “if-converted” method, 584,966 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. The outstanding balance of the 2022 Convertible Notes was settled in January 2022. As such they had no effect on potential dilution for the three months ended June 30, 2022. For the three and six months ended June 30, 2021, using the “if-converted” method, 15,160,692 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 six months ended June 30, 2022 and 2021. See Note 7 for further discussion about the 2022 Convertible Notes.