Earnings per Share and Unit

Parent Company Earnings per Share

The following summarizes the calculation of basic and diluted earnings per share:



	Three months ended September 30,			Nine months ended September 30,
(in thousands, except per share data)	2018		2017	2018		2017
Numerator:
Income from operations attributable to common stockholders - basic	$	69,722	59,666	$	170,222	74,810
Income from operations attributable to common stockholders - diluted	$	69,722	59,666	$	170,222	74,810
Denominator:
Weighted average common shares outstanding for basic EPS	169,438		170,105	169,847		155,881
Weighted average common shares outstanding for diluted EPS ⁽¹⁾	169,839		170,466	170,166		156,190

Income per common share – basic	$	0.41	0.35	$	1.00	0.48
Income per common share – diluted	$	0.41	0.35	$	1.00	0.48
⁽¹⁾ Includes the dilutive impact of unvested restricted stock and shares issuable under the forward equity offering, that were fully settled on December 14, 2017, using the treasury stock method.

Income allocated to noncontrolling interests of the Operating Partnership has been excluded from the numerator and exchangeable Operating Partnership units have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would be anti-dilutive. Weighted average exchangeable Operating Partnership units outstanding for both the three and nine months ended September 30, 2018 were 349,902, and were 349,902 and 276,503, respectively, during the same periods in 2017.

Operating Partnership Earnings per Unit

The following summarizes the calculation of basic and diluted earnings per unit:



	Three months ended September 30,			Nine months ended September 30,
(in thousands, except per share data)	2018		2017	2018		2017
Numerator:
Income from operations attributable to common unit holders - basic	$	69,869	59,798	$	170,580	75,027
Income from operations attributable to common unit holders - diluted	$	69,869	59,798	$	170,580	75,027
Denominator:
Weighted average common units outstanding for basic EPU	169,788		170,455	170,197		156,158
Weighted average common units outstanding for diluted EPU ⁽¹⁾	170,189		170,816	170,516		156,467

Income per common unit – basic	$	0.41	0.35	$	1.00	0.48
Income per common unit – diluted	$	0.41	0.35	$	1.00	0.48
⁽¹⁾ Includes the dilutive impact of unvested restricted stock and shares issuable under the forward equity offering, that were fully settled on December 14, 2017, using the treasury stock method.