Earnings per Share Earnings per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share

The Company calculates earnings per share ("EPS") in accordance with ASC 260 - Earnings per Share ("ASC 260"). Basic EPS is computed by dividing net income applicable to common stock by the weighted-average number of common shares outstanding during the period, excluding net income attributable to participating securities (unvested restricted stock awards). Diluted EPS reflects the additional dilution for all potentially-dilutive securities such as stock options, unvested restricted shares and unvested performance-based restricted shares. The effect of the conversion of the OP Units to common shares is excluded from the computation of basic and diluted earnings per share because all net income attributable to the Noncontrolling interest holders are recorded as income attributable to non-controlling interests and thus is excluded from net income available to

common shareholders. In accordance with ASC 260, the Company includes all performance-based restricted shares that would have vested based upon the Company’s performance at quarter-end in the calculation of diluted EPS. Diluted EPS for the Company's common stock is computed using the more dilutive of the two-class method or the treasury stock method.

The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three and six months ended June 30, 2022 and 2021:


	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	247,544	233,250	247,538	233,014

Assumed conversion of restricted stock awards	144	144	131	131
Assumed conversion of performance-based restricted stock awards	673	656	653	623
Diluted weighted-average common shares outstanding	248,361	234,050	248,322	233,768

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three and six months ended June 30, 2022 and 2021:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(in thousands, except per share data)
Calculation of basic EPS:
Net income attributable to common shareholders	$	151,314	$	138,216	$	270,582	$	265,400
Less: Net income allocated to participating securities	(88)		(85)		(143)		(149)
Net income for earnings per share purposes	$	151,226	$	138,131	$	270,439	$	265,251
Weighted-average common shares outstanding	247,544		233,250		247,538		233,014
Basic EPS	$	0.61	$	0.59	$	1.09	$	1.14

Calculation of diluted EPS:
Net income attributable to common shareholders	$	151,314	$	138,216	$	270,582	$	265,400
Diluted weighted-average common shares outstanding	248,361		234,050		248,322		233,768
Diluted EPS	$	0.61	$	0.59	$	1.09	$	1.14

Antidilutive securities excluded from the computation of diluted earnings per share	43		35		58		97