Earnings Per Share and Earnings Per Unit

3 Months Ended

Mar. 31, 2023

Earnings Per Share And Earnings Per Unit

11.

Earnings Per Share and Earnings Per Unit

Equity Residential

The following tables set forth the computation of net income per share – basic and net income per share – diluted for the Company (amounts in thousands except per share amounts):


	Quarter Ended March 31,
	2023			2022
Numerator for net income per share – basic:
Net income	$	220,071		$	73,798
Allocation to Noncontrolling Interests – Operating Partnership		(7,059	)		(2,394	)
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties		(977	)		(639	)
Preferred distributions		(772	)		(772	)
Numerator for net income per share – basic	$	211,263		$	69,993
Numerator for net income per share – diluted:
Net income	$	220,071		$	73,798
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties		(977	)		(639	)
Preferred distributions		(772	)		(772	)
Numerator for net income per share – diluted	$	218,322		$	72,387
Denominator for net income per share – basic and diluted:
Denominator for net income per share – basic		378,341			375,509
Effect of dilutive securities:
OP Units		11,510			11,888
Long-term compensation shares/units		813			2,090
ATM forward sales		—			141
Denominator for net income per share – diluted		390,664			389,628
Net income per share – basic	$	0.56		$	0.19
Net income per share – diluted	$	0.56		$	0.19

ERP Operating Limited Partnership

The following tables set forth the computation of net income per Unit – basic and net income per Unit – diluted for the Operating Partnership (amounts in thousands except per Unit amounts):


	Quarter Ended March 31,
	2023			2022
Numerator for net income per Unit – basic and diluted:
Net income	$	220,071		$	73,798
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties		(977	)		(639	)
Allocation to Preference Units		(772	)		(772	)
Numerator for net income per Unit – basic and diluted	$	218,322		$	72,387
Denominator for net income per Unit – basic and diluted:
Denominator for net income per Unit – basic		389,851			387,397
Effect of dilutive securities:
Dilution for Units issuable upon assumed exercise/vesting of the Company’s long-term compensation shares/units		813			2,090
ATM forward sales		—			141
Denominator for net income per Unit – diluted		390,664			389,628
Net income per Unit – basic	$	0.56		$	0.19
Net income per Unit – diluted	$	0.56		$	0.19