Earnings Per Share and Earnings Per Unit

9 Months Ended

Sep. 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):

	Nine Months Ended September 30,						Quarter Ended September 30,
	2023			2022			2023			2022
Numerator for net income per share – basic:
Net income	$	546,219		$	641,641		$	181,286		$	335,165
Allocation to Noncontrolling Interests – Operating Partnership		(17,174	)		(21,024	)		(5,561	)		(10,997	)
Net (income) loss attributable to Noncontrolling    Interests – Partially Owned Properties		(5,299	)		(2,726	)		(3,217	)		(1,143	)
Preferred distributions		(2,318	)		(2,318	)		(773	)		(773	)
Numerator for net income per share – basic	$	521,428		$	615,573		$	171,735		$	322,252
Numerator for net income per share – diluted:
Net income	$	546,219		$	641,641		$	181,286		$	335,165
Net (income) loss attributable to Noncontrolling    Interests – Partially Owned Properties		(5,299	)		(2,726	)		(3,217	)		(1,143	)
Preferred distributions		(2,318	)		(2,318	)		(773	)		(773	)
Numerator for net income per share – diluted	$	538,602		$	636,597		$	177,296		$	333,249
Denominator for net income per share – basic and diluted:
Denominator for net income per share – basic		378,614			375,710			378,853			375,850
Effect of dilutive securities:
OP Units		11,377			11,893			11,234			11,895
Long-term compensation shares/units		1,144			1,785			1,264			1,555
ATM forward sales		—			6			—			—
Denominator for net income per share – diluted		391,135			389,394			391,351			389,300
Net income per share – basic	$	1.38		$	1.64		$	0.45		$	0.86
Net income per share – diluted	$	1.38		$	1.63		$	0.45		$	0.86

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):

	Nine Months Ended September 30,						Quarter Ended September 30,
	2023			2022			2023			2022
Numerator for net income per Unit – basic and diluted:
Net income	$	546,219		$	641,641		$	181,286		$	335,165
Net (income) loss attributable to Noncontrolling    Interests – Partially Owned Properties		(5,299	)		(2,726	)		(3,217	)		(1,143	)
Allocation to Preference Units		(2,318	)		(2,318	)		(773	)		(773	)
Numerator for net income per Unit – basic and diluted	$	538,602		$	636,597		$	177,296		$	333,249
Denominator for net income per Unit – basic and diluted:
Denominator for net income per Unit – basic		389,991			387,603			390,087			387,745
Effect of dilutive securities:
Dilution for Units issuable upon assumed exercise/vesting    of the Company’s long-term compensation shares/units		1,144			1,785			1,264			1,555
ATM forward sales		—			6			—			—
Denominator for net income per Unit – diluted		391,135			389,394			391,351			389,300
Net income per Unit – basic	$	1.38		$	1.64		$	0.45		$	0.86
Net income per Unit – diluted	$	1.38		$	1.63		$	0.45		$	0.86