Earnings Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

14.Earnings Per Share

The following table provides a reconciliation of net income and the number of common shares used in the computations of “basic” earnings per share (“EPS”), which utilizes the weighted-average number of common shares outstanding without regard to dilutive potential common shares, and “diluted” EPS, which includes all such shares (in thousands, except per share amounts).

	For the Year Ended December 31,
	2023			2022			2021
Numerators – Basic and Diluted
Net income	$	265,721		$	168,792		$	125,416
Income attributable to non-controlling interests		(18	)		(73	)		(481	)
Write-off of preferred share original issuance costs		—			—			(5,156	)
Preferred dividends		(11,156	)		(11,156	)		(13,656	)
Earnings attributable to unvested shares and OP Units		(606	)		(484	)		(572	)
Net income attributable to common shareholders after    allocation to participating securities	$	253,941		$	157,079		$	105,551
Denominators – Number of Shares
Basic – Average shares outstanding		209,459			212,998			208,004
Assumed conversion of dilutive securities:
PRSUs		162			744			973
Forward equity		—			—			25
OP Units		—			141			141
Diluted – Average shares outstanding		209,621			213,883			209,143
Earnings Per Share:
Basic	$	1.21		$	0.74		$	0.51
Diluted	$	1.21		$	0.73		$	0.51

Basic average shares outstanding do not include restricted shares totaling 1.0 million, 0.7 million and 0.9 at years ended December 31, 2023, 2022 and 2021, respectively, that were not vested (Note 13).

The following potentially dilutive securities were considered in the calculation of EPS:

•PRSUs issued to certain executives were considered in the computation of diluted EPS (Note 13) for all years presented.

•The exchange into common shares associated with OP Units was included in the computation of diluted EPS for the years ended December 31, 2022 and 2021. The OP Units were redeemed in 2023 (Note 10).

•The agreements to offer and sell approximately 2.2 million common shares on a forward basis were considered in the computation of diluted EPS for the year ended December 31, 2021 (Note 10). These agreements were anti-dilutive in 2022 and not outstanding in 2023.

•Options to purchase common shares that were outstanding were not considered in the computation of diluted EPS, as the options were anti-dilutive for all years presented (Note 13).