Earnings Per Share and Earnings Per Unit

12 Months Ended

Dec. 31, 2021

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):

	Year Ended December 31,
	2021			2020			2019
Numerator for net income per share – basic:
Net income	$	1,396,714		$	962,501		$	1,009,708
Allocation to Noncontrolling Interests – Operating Partnership		(45,900	)		(34,010	)		(36,034	)
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties		(17,964	)		(14,855	)		(3,297	)
Preferred distributions		(3,090	)		(3,090	)		(3,090	)
Numerator for net income per share – basic	$	1,329,760		$	910,546		$	967,287
Numerator for net income per share – diluted:
Net income	$	1,396,714		$	962,501		$	1,009,708
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties		(17,964	)		(14,855	)		(3,297	)
Preferred distributions		(3,090	)		(3,090	)		(3,090	)
Numerator for net income per share – diluted	$	1,375,660		$	944,556		$	1,003,321
Denominator for net income per share – basic and diluted:
Denominator for net income per share – basic		373,833			371,791			370,461
Effect of dilutive securities:
OP Units		12,263			13,003			12,907
Long-term compensation shares/units		1,924			1,080			2,965
ATM forward sales		69			—			—
Denominator for net income per share – diluted		388,089			385,874			386,333
Net income per share – basic	$	3.56		$	2.45		$	2.61
Net income per share – diluted	$	3.54		$	2.45		$	2.60

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):

	Year Ended December 31,
	2021			2020			2019
Numerator for net income per Unit – basic and diluted:
Net income	$	1,396,714		$	962,501		$	1,009,708
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties		(17,964	)		(14,855	)		(3,297	)
Allocation to Preference Units		(3,090	)		(3,090	)		(3,090	)
Numerator for net income per Unit – basic and diluted	$	1,375,660		$	944,556		$	1,003,321
Denominator for net income per Unit – basic and diluted:
Denominator for net income per Unit – basic		386,096			384,794			383,368
Effect of dilutive securities:
Dilution for Units issuable upon assumed exercise/vesting of the Company’s long-term compensation shares/units		1,924			1,080			2,965
ATM forward sales		69			—			—
Denominator for net income per Unit – diluted		388,089			385,874			386,333
Net income per Unit – basic	$	3.56		$	2.45		$	2.61
Net income per Unit – diluted	$	3.54		$	2.45		$	2.60