EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2023

NOTE 14—EARNINGS PER SHARE

The following table shows the amounts used in computing our basic and diluted earnings per share (in thousands, except per share amounts):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2023		2022		2023		2022
Numerator for basic and diluted earnings per share:
Income (loss) from continuing operations	$	105,066	$	(41,202)	$	123,978	$	(610)
Net income (loss)	105,066		(41,202)		123,978		(610)
Net income attributable to noncontrolling interests	1,613		1,214		3,008		3,074
Net income (loss) attributable to common stockholders	$	103,453	$	(42,416)	$	120,970	$	(3,684)
Denominator:
Denominator for basic earnings per share—weighted average shares	400,431		399,592		400,211		399,445
Effect of dilutive securities:
Stock options	—		41		—		33
Restricted stock awards	220		376		268		398
OP unitholder interests	3,471		3,517		3,478		3,517
Denominator for diluted earnings per share—adjusted weighted average shares	404,122		403,526		403,957		403,393
Basic earnings per share:
Income (loss) from continuing operations	$	0.26	$	(0.10)	$	0.31	$	—
Net income (loss) attributable to common stockholders	0.26		(0.11)		0.30		(0.01)
Diluted earnings per share: (1)
Income (loss) from continuing operations	$	0.26	$	(0.10)	$	0.31	$	—
Net income (loss) attributable to common stockholders	0.26		(0.11)		0.30		(0.01)

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(1) Potential common shares are not included in the computation of diluted earnings per share when a loss from continuing operations exists as the effect would be an antidilutive per share amount.

The dilutive effect of our Exchangeable Notes is calculated using the if-converted method in accordance with ASU 2020-06. We are required, pursuant to the indenture governing the Exchangeable Notes, to settle the aggregate principal amount of the Exchangeable Notes in cash and may elect to settle any remaining exchange obligation (i.e., the stock price in excess of the exchange obligation) in cash, shares of our common stock, or a combination thereof. Under the if-converted method, we include the number of shares required to satisfy the exchange obligation, assuming all the Exchangeable Notes are exchanged. The average closing price of our common stock for the three and six months ended June 30, 2023 is used as the basis for determining the dilutive effect on earnings per share. The average price of our common stock for each of the three and six months ended June 30, 2023 was less than the initial exchange price of $54.81 and, therefore, all associated shares were antidilutive.