Earnings Per Share

12 Months Ended

Dec. 31, 2020

Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, excluding net income attributable to participating securities (unvested restricted stock awards). Diluted earnings per share reflects the additional dilution for all potentially dilutive securities such as stock options, unvested restricted shares, unvested performance-based restricted shares and the shares to be issued by us upon settlement of the remaining shares under the June 2020 Forward Sale Agreement. The shares issuable upon settlement of the remaining shares under the June 2020 Forward Sale Agreement, as described in Note 12 - Stockholders' Equity, are reflected in the diluted earnings per share calculations using the treasury stock method. Under this method, the number of shares of our common stock used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares of common stock that would be issued upon full physical settlement of the remaining shares under the June 2020 Forward Sale Agreement over the number of shares of common stock that could be purchased by us in the market (based on the average market price during the period) using the proceeds receivable upon full physical settlement (based on the adjusted forward sales price at the end of the reporting period). If and when we physically or net share settle the remaining shares under the June 2020 Forward Sale Agreement, the delivery of shares of common stock would result in an increase in the number of shares outstanding and dilution to earnings per share.

The following tables reconcile the weighted-average shares of common stock outstanding used in the calculation of basic earnings per share to the weighted-average shares of common stock outstanding used in the calculation of diluted earnings per share:


	Year Ended December 31,
(In thousands)	2020	2019	2018
Determination of shares:
Weighted-average shares of common stock outstanding	506,141	435,071	367,226
Assumed conversion of restricted stock	412	566	91
Assumed settlement of Forward Sale Agreements	4,356	3,516	—
Diluted weighted-average shares of common stock outstanding	510,909	439,153	367,317

Basic and Diluted Earnings Per Share


	Year Ended December 31,
(In thousands, except per share data)	2020		2019		2018
Basic:
Net income attributable to common stockholders	$	891,674	$	545,964	$	523,619
Weighted-average shares of common stock outstanding	506,141		435,071		367,226
Basic EPS	$	1.76	$	1.25	$	1.43

Diluted:
Net income attributable to common stockholders	$	891,674	$	545,964	$	523,619
Diluted weighted-average shares of common stock outstanding	510,909		439,153		367,317
Diluted EPS	$	1.75	$	1.24	$	1.43