Earnings Per Share and Earnings Per Unit

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

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):

	Six Months Ended June 30,						Quarter Ended June 30,
	2023			2022			2023			2022
Numerator for net income per share – basic:
Net income	$	364,933		$	306,476		$	144,862		$	232,678
Allocation to Noncontrolling Interests – Operating Partnership		(11,613	)		(10,027	)		(4,554	)		(7,633	)
Net (income) loss attributable to Noncontrolling    Interests – Partially Owned Properties		(2,082	)		(1,583	)		(1,105	)		(944	)
Preferred distributions		(1,545	)		(1,545	)		(773	)		(773	)
Numerator for net income per share – basic	$	349,693		$	293,321		$	138,430		$	223,328
Numerator for net income per share – diluted:
Net income	$	364,933		$	306,476		$	144,862		$	232,678
Net (income) loss attributable to Noncontrolling    Interests – Partially Owned Properties		(2,082	)		(1,583	)		(1,105	)		(944	)
Preferred distributions		(1,545	)		(1,545	)		(773	)		(773	)
Numerator for net income per share – diluted	$	361,306		$	303,348		$	142,984		$	230,961
Denominator for net income per share – basic and diluted:
Denominator for net income per share – basic		378,492			375,640			378,642			375,769
Effect of dilutive securities:
OP Units		11,450			11,891			11,390			11,895
Long-term compensation shares/units		1,121			1,863			1,155			1,698
ATM forward sales		—			69			—			1
Denominator for net income per share – diluted		391,063			389,463			391,187			389,363
Net income per share – basic	$	0.92		$	0.78		$	0.37		$	0.59
Net income per share – diluted	$	0.92		$	0.78		$	0.37		$	0.59

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):

	Six Months Ended June 30,						Quarter Ended June 30,
	2023			2022			2023			2022
Numerator for net income per Unit – basic and diluted:
Net income	$	364,933		$	306,476		$	144,862		$	232,678
Net (income) loss attributable to Noncontrolling    Interests – Partially Owned Properties		(2,082	)		(1,583	)		(1,105	)		(944	)
Allocation to Preference Units		(1,545	)		(1,545	)		(773	)		(773	)
Numerator for net income per Unit – basic and diluted	$	361,306		$	303,348		$	142,984		$	230,961
Denominator for net income per Unit – basic and diluted:
Denominator for net income per Unit – basic		389,942			387,531			390,032			387,664
Effect of dilutive securities:
Dilution for Units issuable upon assumed exercise/vesting    of the Company’s long-term compensation shares/units		1,121			1,863			1,155			1,698
ATM forward sales		—			69			—			1
Denominator for net income per Unit – diluted		391,063			389,463			391,187			389,363
Net income per Unit – basic	$	0.92		$	0.78		$	0.37		$	0.59
Net income per Unit – diluted	$	0.92		$	0.78		$	0.37		$	0.59