Net Income per Common Share

3 Months Ended

Mar. 31, 2023

Basic net income per common share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during each period. Diluted net income per common share is computed by dividing net income available to common stockholders, plus income attributable to dilutive shares and convertible common units for the period, by the weighted average number of common shares that would have been outstanding assuming the issuance of common shares for all potentially dilutive common shares outstanding during the reporting period.

The following is a reconciliation of the denominator of the basic net income per common share computation to the denominator of the diluted net income per common share computation:


	Three months ended March 31,
		2023	2022
Weighted average shares used for the basic net income per share computation		660,462,399	593,827,299
Incremental shares from share-based compensation		407,962	214,540
Dilutive effect of forward ATM offerings		368,483	—
Weighted average shares used for diluted net income per share computation		661,238,844	594,041,839
Unvested shares from share-based compensation that were anti-dilutive		127,350	70,256
Weighted average partnership common units convertible to common shares that were anti-dilutive		1,795,167	1,060,709
Weighted average forward ATM offerings that were anti-dilutive		45,817	—