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Earnings Per Common Share
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Common Share EARNINGS PER COMMON SHARE
Basic earnings per common share is computed using the two-class method by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding during the period. All outstanding unvested restricted stock awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common stockholders; accordingly, they are considered participating securities that are included in the two-class method. Diluted earnings per common share measures the performance of the Company over the reporting period while giving effect to all potential common shares that were dilutive and outstanding during the period. The denominator includes the weighted average number of basic shares and the number of additional common shares that would have been outstanding if the potential common shares that were dilutive had been issued, and is calculated using the two-class, treasury stock or if-converted method, whichever is most dilutive. Potential common shares are securities (such as options, Series A Participating Redeemable Preferred Units (“Series A Units”), Series B Redeemable Preferred Units (“Series B Units”), Series D Redeemable Preferred Units (“Series D Units” and, together with the Series A Units and Series B Units, the “Preferred OP Units”) and common Operating Partnership units (“OP Units”)) that do not have a current right to participate in earnings of the Company but could do so in the future by virtue of their option, redemption or conversion right.

In computing the dilutive effect of convertible securities, net income is adjusted to add back any changes in earnings in the period associated with the convertible security. The numerator also is adjusted for the effects of any other non-discretionary changes in income or loss that would result from the assumed conversion of those potential common shares. In computing diluted earnings per common share, only potential common shares that are dilutive (i.e. those that reduce earnings per common share) are included.

For the purposes of computing the diluted impact of the potential exchange of the Preferred Operating Partnership units for common shares upon redemption, where the Company has the option to redeem in cash or shares and where the Company has stated the intent and ability to settle the redemption in shares, the Company divided the total value of the Preferred Operating Partnership units by the average share price for the period presented. The average share price for the three months ended September 30, 2024 and 2023 was $168.78 and $134.24, respectively.

The following table presents the number of Common and 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,
2024202320242023
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 Units198,887 250,061 218,529 228,029 
Series D Units934,585 1,409,198 1,111,927 1,287,256 
1,133,472 10,201,034 1,330,456 9,177,170 
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,
2024202320242023
Net income attributable to common stockholders$193,210 $188,350 $592,194 $587,064 
Earnings and dividends allocated to participating securities(392)(304)(1,141)(931)
Earnings for basic computations192,818 188,046 591,053 586,133 
Income allocated to noncontrolling interest - Preferred Operating Partnership Units and Operating Partnership Units7,800 — 24,136 — 
Net income for diluted computations$200,618 $188,046 $615,189 $586,133 
Weighted average common shares outstanding:
Average number of common shares outstanding - basic 211,698,436 195,324,444 211,522,578 155,112,071 
OP Units8,597,656 — 8,651,915 — 
Shares related to dilutive stock options2,778 3,576 3,199 4,078 
Average number of common shares outstanding - diluted220,298,870 195,328,020 220,177,692 155,116,149 
Earnings per common share
Basic$0.91 $0.96 $2.79 $3.78 
Diluted$0.91 $0.96 $2.79 $3.78