Earnings Per Share

9 Months Ended

Sep. 30, 2023

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator for basic earnings per share - net income (loss) attributable to common stockholders	$	127,470	$	(6,767)	$	256,183	$	144,942


Adjustment for net income (loss) attributable to OP Units and DownREIT Units	64		(7)		(103)		99
Numerator for diluted earnings per share	$	127,534	$	(6,774)	$	256,080	$	145,041

Denominator for basic earnings per share - weighted average shares	521,848		463,366		504,420		455,074
Effect of dilutive securities:
Employee stock options	39		7		24		26
Non-vested restricted shares and units	1,141		1,238		968		1,127
OP Units and DownREIT Units	2,085		2,316		1,914		1,749
Employee stock purchase program	25		23		27		23
Dilutive potential common shares	3,290		3,584		2,933		2,925
Denominator for diluted earnings per share - adjusted weighted average shares	525,138		463,366		507,353		457,999

Basic earnings per share	$	0.24	$	(0.01)	$	0.51	$	0.32
Diluted earnings per share	$	0.24	$	(0.01)	$	0.50	$	0.32

As of September 30, 2022, outstanding forward sales agreements for the sale of 17,964,603 shares were not included in the computation of diluted earnings per share because such forward sales were anti-dilutive for the period. There were no outstanding forward sales agreements as of September 30, 2023. As of September 30, 2023, the Exchangeable Notes were not included in the computation of diluted earnings per share as they were anti-dilutive for the three and nine month periods ended September 30, 2023.