Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2021

The following potentially issuable shares were excluded from the diluted EPS calculation because their impact is anti-dilutive:

•exercise of 2,363 and 682 stock options for the three months ended March 31, 2021 and 2020, respectively,

•conversions of downREIT operating partnership units and 5.417% Series 1 Cumulative Convertible Preferred Shares for all periods presented, and

•The issuance of 331,318 shares issuable under forward sales agreements for the three months ended March 31, 2021.

Additionally, 10,441 of unvested restricted stock units are excluded from the diluted EPS calculation as the market based performance criteria in the awards has not yet been achieved.


	Three Months Ended
	March 31,
	2021		2020
	(In thousands, except per share data)
NUMERATOR
Net income	$	49,739	$	56,441
Less: Preferred share dividends	(2,010)		(2,010)
Less: Income from operations attributable to noncontrolling interests	(1,503)		(1,678)
Less: Earnings allocated to unvested shares	(294)		(247)



Net income available for common shareholders, basic and diluted	$	45,932	$	52,506
DENOMINATOR
Weighted average common shares outstanding, basic and diluted	76,842		75,360




EARNINGS PER COMMON SHARE, BASIC AND DILUTED:
Net income available for common shareholders	$	0.60	$	0.70