Earnings Per Share

12 Months Ended

Dec. 31, 2019

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data):



	Year Ended December 31,
	2019		2018		2017
Numerator for basic and diluted earnings per share -
net income attributable to common stockholders	$	1,232,432	$	758,250	$	463,595

Denominator for basic earnings per share - weighted average shares	401,845		373,620		367,237
Effect of dilutive securities:
Employee stock options	—		9		47
Non-vested restricted shares	835		512		482
Redeemable shares	1,112		1,096		1,235
Employee stock purchase program	16		13		—
Dilutive potential common shares	1,963		1,630		1,764
Denominator for diluted earnings per share - adjusted weighted average shares	403,808		375,250		369,001

Basic earnings per share	$	3.07	$	2.03	$	1.26
Diluted earnings per share	$	3.05	$	2.02	$	1.26

As of December 31, 2018 and December 31, 2017, the Series I Cumulative Convertible Perpetual Preferred Stock were excluded from the calculations as the effect of the conversions were anti-dilutive. As of December 31, 2019, forward sales agreements outstanding for the sale of 4,935,804 shares of common stock were not included in the computation of diluted earnings per share because such forward sales were anti-dilutive for the period.