Earnings per Share

6 Months Ended

Jun. 30, 2023

The Company’s capital structure includes common stock and unvested restricted stock awards. To compute earnings per share (“EPS”), the Company applies the two-class method because the Company’s unvested restricted stock awards are participating securities which are entitled to participate equally with the Company’s common stock in undistributed earnings. Application of the Company’s two-class method is as follows:

(i)Net income attributable to the Company is reduced by the amount of dividends declared and by the contractual amount of dividends that must be paid for the current period for each class of stock. There were no contractual dividends paid for the three and six months ended June 30, 2022 and 2023.

(ii)The remaining undistributed net income of the Company is then equally allocated to its common stock and unvested restricted stock awards, as if all of the earnings for the period had been distributed. The total net income allocated to each security is determined by adding both distributed and undistributed net income for the period.

(iii)The net income allocated to each security is then divided by the weighted average number of outstanding shares for the period to determine the EPS for each security considered in the two-class method.

The following table sets forth the net income attributable to the Company, its common shares outstanding, and its participating securities outstanding.


	Basic and Diluted EPS
	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2023		2022		2023
	(in thousands)
Net income	$	66,262	$	91,860	$	122,188	$	177,117
Less: net income attributable to non-controlling interests	11,055		13,623		17,864		28,075
Net income attributable to the Company	55,207		78,237		104,324		149,042
Less: Distributed and undistributed income attributable to participating securities	1,920		2,877		3,558		5,449
Distributed and undistributed income attributable to common shares	$	53,287	$	75,360	$	100,766	$	143,593

The following tables set forth the computation of EPS under the two-class method:


	Three Months Ended June 30,
	2022					2023
	Net Income Allocation		Shares(1)	Basic and Diluted EPS		Net Income Allocation		Shares(1)	Basic and Diluted EPS
	(in thousands, except for per share amounts)
Common shares	$	53,287	124,897	$	0.43	$	75,360	122,634	$	0.61
Participating securities	1,920		4,500	$	0.43	2,877		4,681	$	0.61
Total Company	$	55,207				$	78,237


	Six Months Ended June 30,
	2022					2023
	Net Income Allocation		Shares(1)	Basic and Diluted EPS		Net Income Allocation		Shares(1)	Basic and Diluted EPS
	(in thousands, except for per share amounts)
Common shares	$	100,766	126,942	$	0.79	$	143,593	122,594	$	1.17
Participating securities	3,558		4,482	$	0.79	5,449		4,652	$	1.17
Total Company	$	104,324				$	149,042

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(1) Represents the weighted average share count outstanding during the period.