Earnings per Share and Unit

9 Months Ended

Sep. 30, 2023

Earnings Per Share And Unit [Abstract]


11.	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)	2023		2022		2023		2022
Numerator:
Income attributable to common shareholders - basic	$	89,076		87,578	$	273,139		387,602
Income attributable to common shareholders - diluted	$	89,076		87,578	$	273,139		387,602
Denominator:
Weighted average common shares outstanding for basic EPS		177,344		171,121		173,212		171,499
Weighted average common shares outstanding for diluted EPS (1)		178,231		171,525		173,711		171,870
Income per common share – basic	$	0.50		0.51	$	1.58		2.26
Income per common share – diluted	$	0.50		0.51	$	1.57		2.26

(1)

Includes the dilutive impact of unvested restricted stock and assumed conversion of convertible units.

Income attributable to noncontrolling interests of the Operating Partnership has been excluded from the numerator and EOP 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 EOP units outstanding were 1,080,101 and 741,433 for the three months ended September 30, 2023 and 2022, respectively, and were 909,527 and 750,671 for the nine months ended September 30, 2023 and 2022, respectively.

Operating Partnership Earnings per Unit

The following summarizes the calculation of basic and diluted earnings per unit ("EPU"):


	Three months ended September 30,				Nine months ended September 30,
(in thousands, except per share data)	2023		2022		2023		2022
Numerator:
Income attributable to common unit holders - basic	$	89,596		87,957	$	274,629		389,296
Income attributable to common unit holders - diluted	$	89,596		87,957	$	274,629		389,296
Denominator:
Weighted average common units outstanding for basic EPU		178,424		171,862		174,121		172,249
Weighted average common units outstanding for diluted EPU (1)		179,311		172,267		174,621		172,620
Income per common unit – basic	$	0.50		0.51	$	1.58		2.26
Income per common unit – diluted	$	0.50		0.51	$	1.57		2.26

(1)

Includes the dilutive impact of unvested restricted stock and assumed conversion of convertible units.