EPS

3 Months Ended

Mar. 31, 2020

We calculate basic EPS by dividing the net income attributable to common stockholders for the period by the weighted average number of common shares outstanding during the period. We calculate diluted EPS by dividing the net income attributable to common stockholders for the period by the weighted average number of common shares and dilutive instruments outstanding during the period using the treasury stock method. We account for unvested LTIP awards that contain non-forfeitable rights to dividends as participating securities and include these securities in the computation of basic and diluted EPS using the two-class method. The table below presents the calculation of basic and diluted EPS:



	Three Months Ended March 31,
	2020			2019
Numerator (In thousands):
Net income attributable to common stockholders	$	26,923		$	28,701
Allocation to participating securities: Unvested LTIP Units	(106		)	(126		)
Net income attributable to common stockholders - basic and diluted	$	26,817		$	28,575

Denominator (In thousands):
Weighted average shares of common stock outstanding - basic and diluted⁽¹⁾	175,373			170,221

Net income per common share - basic and diluted	$	0.15		$	0.17

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(1)

Outstanding OP Units and vested LTIP Units are not included in the denominator in calculating diluted EPS, even though they may be exchanged under certain conditions for common stock on a one-for-one basis, because their associated net income (equal on a per unit basis to the Net income per common share - diluted) was already deducted in calculating Net income attributable to common stockholders. Accordingly, any exchange would not have any effect on diluted EPS. The following table presents the OP Units and vested LTIP Units outstanding for the respective periods:



	Three Months Ended March 31,
(In thousands)	2020	2019

OP Units	28,295	26,340
Vested LTIP Units	799	1,835