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Net Income Per Common Share and Net Income Per Common Unit
9 Months Ended
Sep. 30, 2022
Earnings Per Share [Abstract]  
Net Income Per Common Share and Net Income Per Common Unit Net Income Per Common Share and Net Income Per Common Unit
($ in thousands, except share and unit data):

Essex Property Trust, Inc.
 Three Months Ended September 30, 2022Three Months Ended September 30, 2021
 IncomeWeighted-
average
Common
Shares
Per
Common
Share
Amount
IncomeWeighted-
average
Common
Shares
Per
Common
Share
Amount
Basic:
Net income available to common stockholders$92,842 65,059,678 $1.43 $118,390 65,048,486 $1.82 
Effect of Dilutive Securities: 
Stock options— 8,112 — 99,295 
Diluted:      
Net income available to common stockholders$92,842 65,067,790 $1.43 $118,390 65,147,781 $1.82 
 Nine Months Ended September 30, 2022Nine Months Ended September 30, 2021
 IncomeWeighted-
average
Common
Shares
Per
Common
Share
Amount
IncomeWeighted-
average
Common
Shares
Per
Common
Share
Amount
Basic:
Net income available to common stockholders$223,150 65,198,532 $3.42 $351,680 65,013,477 $5.41 
Effect of Dilutive Securities: 
Stock options— 27,235 — 61,697 
Diluted:
Net income available to common stockholders$223,150 65,225,767 $3.42 $351,680 65,075,174 $5.40 
The table above excludes from the calculations of diluted earnings per share weighted average convertible OP Units of 2,273,399 and 2,287,678, which include vested 2014 Long-Term Incentive Plan Units and 2015 Long-Term Incentive Plan Units, for the three months ended September 30, 2022 and 2021, respectively, and 2,277,636 and 2,291,725 for the nine months ended September 30, 2022 and 2021, respectively, because they were anti-dilutive. The related income allocated to these convertible OP Units aggregated $3.2 million and $4.2 million for the three months ended September 30, 2022 and 2021, respectively, and $7.8 million and $12.4 million for the nine months ended September 30, 2022 and 2021, respectively.

Stock options of 271,018 and zero for the three months ended September 30, 2022 and 2021, respectively, and 230,326 and 116,380 for the nine months ended September 30, 2022 and 2021, respectively, were excluded from the calculation of diluted earnings per share because the assumed proceeds per share of such options plus the average unearned compensation were greater than the average market price of the common stock for the periods ended and, therefore, were anti-dilutive.

Essex Portfolio, L.P.
 Three Months Ended September 30, 2022Three Months Ended September 30, 2021
 IncomeWeighted-
average
Common Units
Per
Common
Unit
Amount
IncomeWeighted-
average
Common Units
Per
Common
Unit
Amount
Basic:
Net income available to common unitholders$96,089 67,333,077 $1.43 $122,558 67,336,164 $1.82 
Effect of Dilutive Securities: 
Stock options— 8,112 — 99,295 
Diluted:      
Net income available to common unitholders$96,089 67,341,189 $1.43 $122,558 67,435,459 $1.82 
Nine Months Ended September 30, 2022Nine Months Ended September 30, 2021
 IncomeWeighted-
average
Common Units
Per
Common
Unit
Amount
IncomeWeighted-
average
Common Units
Per
Common
Unit
Amount
Basic:
Net income available to common unitholders$230,950 67,476,168 $3.42 $364,083 67,307,259 $5.41 
Effect of Dilutive Securities: 
Stock options— 27,235 — 61,697 
Diluted:      
Net income available to common unitholders$230,950 67,503,403 $3.42 $364,083 67,368,956 $5.40 
Stock options of 271,018 and zero for the three months ended September 30, 2022 and 2021, respectively, and 230,326 and 116,380 for the nine months ended September 30, 2022 and 2021, respectively, were excluded from the calculation of diluted earnings per unit because the assumed proceeds per unit of these options plus the average unearned compensation were greater than the average market price of the common unit for the periods ended and, therefore, were anti-dilutive.