Earnings per Share and Unit

12 Months Ended

Dec. 31, 2022

Earnings Per Share And Unit [Abstract]

Earnings per Share and Unit

15.Earnings per Share and Unit

Parent Company Earnings per Share

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

	Year ended December 31,
(in thousands, except per share data)	2022		2021		2020
Numerator:
Income attributable to common stockholders - basic	$	482,865		361,411		44,889
Income attributable to common stockholders - diluted	$	482,865		361,411		44,889
Denominator:
Weighted average common shares outstanding for basic EPS		171,404		170,236		169,231
Weighted average common shares outstanding for diluted EPS (1) (2)		171,791		170,694		169,460
Income per common share – basic	$	2.82		2.12		0.27
Income per common share – diluted	$	2.81		2.12		0.26

(1)Includes the dilutive impact of unvested restricted stock.

(2)Using the treasury stock method, weighted average common shares outstanding for basic and diluted earnings per share exclude 1.0 million shares issuable under the forward ATM equity offering outstanding during 2021 as they would be anti-dilutive.

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 the years ended December 31, 2022, 2021, and 2020, were 748,336, 761,955, and 765,046, respectively.

Operating Partnership Earnings per Unit

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

	Year ended December 31,
(in thousands, except per share data)	2022		2021		2020
Numerator:
Income attributable to common unit holders - basic	$	484,970		363,026		45,092
Income attributable to common unit holders - diluted	$	484,970		363,026		45,092
Denominator:
Weighted average common units outstanding for basic EPU		172,152		170,998		169,997
Weighted average common units outstanding for diluted EPU (1) (2)		172,540		171,456		170,225
Income per common unit – basic	$	2.82		2.12		0.27
Income per common unit – diluted	$	2.81		2.12		0.26

(1)Includes the dilutive impact of unvested restricted stock.

(2)Using the treasury stock method, weighted average common shares outstanding for basic and diluted earnings per share exclude 1.0 million shares issuable under the forward ATM equity offering outstanding during 2021 as they would be anti-dilutive.