Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Antidilutive Shares Excluded from Computation of Earnings Per Share

The following table presents the number of Preferred Operating Partnership units as if converted into potential common shares that were excluded from the computation of earnings per share as their effect would have been anti-dilutive.


	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2023	2022	2023	2022
	Equivalent Shares (if converted)	Equivalent Shares (if converted)	Equivalent Shares (if converted)	Equivalent Shares (if converted)
Common OP Units	8,541,775	—	7,661,885	—

Series B Units	250,061	177,506	228,029	181,408
Series D Units	1,409,198	1,118,056	1,287,256	1,089,389
	10,201,034	1,295,562	9,177,170	1,270,797

Schedule of Computation of Earnings Per Common Share

The computation of earnings per common share is as follows for the periods presented:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2023		2022		2023		2022
Net income attributable to common stockholders	$	188,350	$	220,719	$	587,064	$	656,428
Earnings and dividends allocated to participating securities	(304)		(313)		(931)		(914)
Earnings for basic computations	188,046		220,406		586,133		655,514
Earnings and dividends allocated to participating securities	—		—		—		—
Income allocated to noncontrolling interest - Preferred Operating Partnership Units and Operating Partnership Units	—		12,954		—		37,932
Fixed component of income allocated to noncontrolling interest - Preferred Operating Partnership (Series A Units)	—		(572)		—		(1,716)
Net income for diluted computations	$	188,046	$	232,788	$	586,133	$	691,730

Weighted average common shares outstanding:
Average number of common shares outstanding - basic	195,324,444		133,913,652		155,112,071		134,094,490
OP Units	—		6,709,854		—		6,592,606
Series A Units	—		875,480		—		875,480

Series D Units	—		—		—		—
Unvested restricted stock awards included for treasury stock method	—		—		—		—
Shares related to dilutive stock options	3,576		5,229		4,078		5,269
Average number of common shares outstanding - diluted	195,328,020		141,504,215		155,116,149		141,567,845
Earnings per common share
Basic	$	0.96	$	1.65	$	3.78	$	4.89
Diluted	$	0.96	$	1.65	$	3.78	$	4.89