Earnings and Dividends per Share and per Unit

6 Months Ended

Jun. 30, 2023

Earnings and Dividends per Share and per Unit

Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit are as follows (in thousands, except per share and per unit data):


	Three Months Ended				Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Earnings per share
Numerator:
Basic and dilutive net (loss) income attributable to AIR common stockholders	$	(1,439)	$	196,722	$	(12,896)	$	572,603



Denominator – shares:
Basic weighted-average common shares outstanding	148,832		155,927		148,821		156,327
Dilutive common share equivalents outstanding	—		209		—		280
Dilutive weighted-average common shares outstanding	148,832		156,136		148,821		156,607

Earnings per share – basic and diluted	$	(0.01)	$	1.26	$	(0.09)	$	3.66


Earnings per unit
Numerator:
Basic and dilutive net (loss) income attributable to the AIR Operating Partnership’s common unitholders	$	(1,754)	$	209,471	$	(14,037)	$	609,519



Denominator – units:
Basic weighted-average common units outstanding	159,778		166,023		159,531		166,434
Dilutive common unit equivalents outstanding	—		209		—		280
Dilutive weighted-average common units outstanding	159,778		166,232		159,531		166,714

Earnings per unit – basic and diluted	$	(0.01)	$	1.26	$	(0.09)	$	3.66

For the three and six months ended June 30, 2023 and 2022, dividends and distributions paid per share of Common Stock and per common unit were $0.45 and $0.90, respectively.

The number of common share equivalent securities excluded from the diluted earnings per share calculation was 2.2 million for the three and six months ended June 30, 2023, and 1.7 million and 1.6 million for the three and six months ended June 30, 2022, respectively. These securities, which include preferred OP Units redeemable for Common Stock, were excluded from the earnings per share calculation as they are anti-dilutive.