Net Income per Common Share

12 Months Ended

Dec. 31, 2023

Basic net income per common share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during each period. Diluted net income per common share is computed by dividing net income available to common stockholders, plus income attributable to dilutive shares and convertible common units for the period, by the weighted average number of common shares that would have been outstanding assuming the issuance of common shares for all potentially dilutive common shares outstanding during the reporting period.

The following is a reconciliation of the denominator of the basic net income per common share computation to the denominator of the diluted net income per common share computation (shares in thousands):


	Years ended December 31,
		2023	2022	2021
Weighted average shares used for the basic net income per share computation		692,298	611,766	414,535
Incremental shares from share-based compensation		349	395	235
Dilutive effect of forward ATM offerings		377	20	—
Weighted average shares used for diluted net income per share computation		693,024	612,181	414,770
Unvested shares from share-based compensation that were anti-dilutive		117	32	45
Weighted average partnership common units convertible to common shares that were anti-dilutive		1,795	1,292	500
Weighted average forward ATM offerings that were anti-dilutive		759	644	—