Earnings per Share

12 Months Ended

Dec. 31, 2023

Basic and diluted EPS are calculated as follows:


	For the Years Ended December 31,

		2023		2022		2021
(in thousands, except share and per share data)
Numerator:
Net income available to common stockholders — basic and diluted		$	518,774	$	382,668	$	261,098

Denominator:
Weighted average common shares outstanding — basic		611,893,784		609,770,610		577,681,070
Effect of dilutive securities:
Incremental shares attributed to non-vested share-based awards		1,394,924		1,341,786		1,528,453
Weighted average common shares outstanding — diluted		613,288,708		611,112,396		579,209,523

Net income per common share — basic		$	0.85	$	0.63	$	0.45
Net income per common share — diluted		$	0.85	$	0.63	$	0.45

Incremental shares attributed to non-vested share-based awards are excluded from the computation of diluted EPS when they are anti-dilutive. For the years ended December 31, 2023, 2022, and 2021, 3,125, 57,278, and 16,939, incremental shares attributed to non-vested share-based awards, respectively, are excluded from the denominator because they are anti-dilutive.

For the years ended December 31, 2023, 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.

The outstanding balance of the 2022 Convertible Notes was settled in January 2022. As such, they had no effect on potential dilution for the year ended December 31, 2023. For the years ended December 31, 2022 and 2021, using the “if-converted” method, 290,079 and 11,293,203 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. Additionally, no adjustment to the numerator was required for interest expense related to the 2022 Convertible Notes for the years ended December 31, 2022 and 2021. See Note 7 for further discussion about the 2022 Convertible Notes.