Earnings and Dividends per Share and per Unit (Tables)

12 Months Ended

Dec. 31, 2023

Reconciliations of Numerator and Denominator in Calculations of Basic and Diluted Earnings per Share and per Unit

Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit for the years ended December 31, 2023, 2022, and 2021 are as follows (in thousands, except per share and per unit data):


	2023		2022		2021
Earnings per share
Numerator:
Basic and dilutive net income attributable to AIR common stockholders	$	634,444	$	903,642	$	447,124
Effect of dilutive instruments	6,280		6,388		—
Dilutive net income attributable to AIR common stockholders	$	640,724	$	910,030	$	447,124

Denominator – shares:
Basic weighted-average common shares outstanding	147,899		154,093		154,135
Dilutive common share equivalents outstanding	2,321		2,494		368
Dilutive weighted-average common shares outstanding	150,220		156,587		154,503

Earnings per share – basic	$	4.29	$	5.86	$	2.90
Earnings per share – diluted	$	4.27	$	5.81	$	2.89

Earnings per unit
Numerator:
Basic and dilutive net income attributable to the AIR Operating Partnership’s common unitholders	$	677,165	$	962,414	$	475,557
Effect of dilutive instruments	6,280		6,388		—
Basic and dilutive net income attributable to the AIR Operating Partnership’s common unitholders	$	683,445	$	968,802	$	475,557

Denominator – units:
Basic weighted-average common units outstanding	157,687		164,141		162,739
Dilutive common unit equivalents outstanding	2,321		2,494		369
Dilutive weighted-average common units outstanding	160,008		166,635		163,108

Earnings per unit – basic	$	4.29	$	5.86	$	2.92
Earnings per unit – diluted	$	4.27	$	5.81	$	2.92