Earnings Per Share

12 Months Ended

Dec. 31, 2019

Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, excluding net income attributable to participating securities (unvested restricted stock awards). Diluted earnings per share reflects the additional dilution for all potentially dilutive securities such as stock options, unvested restricted shares, unvested performance-based restricted shares and the shares to be issued by us upon settlement of the Forward Sale Agreements. The shares issuable upon settlement of the Forward Sale Agreements, as described in Note 11, are reflected in the diluted earnings per share calculations using the treasury stock method. Under this method, the number of our shares of common stock used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares of common stock that would be issued upon full physical settlement of the Forward Sale Agreements over the number of shares of common stock that could be purchased by us in the market (based on the average market price during the period) using the proceeds receivable upon full physical settlement (based on the adjusted forward sales price at the end of the reporting period). If and when we physically or net share settle the Forward Sale Agreements, the delivery of shares of common stock would result in an increase in the number of shares outstanding and dilution to earnings per share.

The following tables reconcile the weighted-average shares of common stock outstanding used in the calculation of basic earnings per share to the weighted-average common shares outstanding used in the calculation of diluted earnings per share:



	Year Ended December 31,		Period from October 6, 2017 to December 31, 2017
(In thousands)	2019	2018	Period from October 6, 2017 to December 31, 2017
Determination of shares:
Weighted-average shares of common stock outstanding	435,071	367,226	227,829
Assumed conversion of restricted stock	566	91	156
Assumed settlement of Forward Sale Agreements	3,516	—	—
Diluted weighted-average shares of common stock outstanding	439,153	367,317	227,985

Basic and Diluted Earnings Per Share

	Year Ended December 31,				Period from October 6, 2017 to December 31, 2017
(In thousands, except per share data)	2019		2018		Period from October 6, 2017 to December 31, 2017
Basic:
Net income attributable to common stockholders	$	545,964	$	523,619	$	42,662
Weighted-average shares of common stock outstanding	435,071		367,226		227,829
Basic EPS	$	1.25	$	1.43	$	0.19

Diluted:
Net income attributable to common stockholders	$	545,964	$	523,619	$	42,662
Diluted weighted-average shares of common stock outstanding	439,153		367,317		227,985
Diluted EPS	$	1.24	$	1.43	$	0.19