Earnings and Dividends per Share and per Unit

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Earnings and Dividends per Share and per Unit

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				Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Earnings per share
Numerator:
Basic net income attributable to AIR common stockholders	$	663,596	$	1,760	$	650,700	$	574,363
Effect of dilutive instruments	1,570		—		4,710		4,807
Dilutive net income attributable to AIR common stockholders	$	665,166	$	1,760	$	655,410	$	579,170
Denominator – shares:
Basic weighted-average common shares outstanding	147,474		153,811		148,372		155,488
Dilutive common share equivalents outstanding	2,571		246		2,320		1,952
Dilutive weighted-average common shares outstanding	150,045		154,057		150,692		157,440
Earnings per share – basic	$	4.50	$	0.01	$	4.39	$	3.69
Earnings per share – diluted	$	4.43	$	0.01	$	4.35	$	3.68
Earnings per unit
Numerator:
Basic net income attributable to the AIR Operating Partnership’s common unitholders	$	705,982	$	1,897	$	691,945	$	611,416
Effect of dilutive instruments	1,570		—		4,710		4,935
Dilutive net income attributable to the AIR Operating Partnership’s common unitholders	$	707,552	$	1,897	$	696,655	$	616,351
Denominator – units:
Basic weighted-average common units outstanding	157,366		163,866		158,138		165,578
Dilutive common unit equivalents outstanding	2,571		246		2,320		1,951
Dilutive weighted-average common units outstanding	159,937		164,112		160,458		167,529
Earnings per unit – basic	$	4.49	$	0.01	$	4.38	$	3.69
Earnings per unit – diluted	$	4.42	$	0.01	$	4.34	$	3.68

For the three and nine months ended September 30, 2023 and 2022, dividends and distributions paid per share of Common Stock and per common unit were $0.45 and $1.35, respectively.

The number of common share equivalent securities excluded from the diluted earnings per share calculation was approximately 4.0 million and 3.4 million for the three and nine months ended September 30, 2023, respectively. The number of common share equivalent securities excluded from the diluted earnings per share calculation was approximately 1.9 million for the three months ended September 30, 2022. There were no anti-dilutive securities for the nine months

ended September 30, 2022. These securities, which include preferred OP Units redeemable for Common Stock for the comparable period in 2022, were excluded from the earnings per share calculation as they were anti-dilutive.