EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2024

NOTE 15—EARNINGS PER SHARE

The following table shows the amounts used in computing our basic and diluted earnings per share (in thousands, except per share amounts):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
Numerator for basic and diluted earnings per share:
Income from continuing operations	$	21,168	$	105,066	$	8,628	$	123,978
Net income	21,168		105,066		8,628		123,978
Net income attributable to noncontrolling interests	1,781		1,613		3,553		3,008
Net income attributable to common stockholders	$	19,387	$	103,453	$	5,075	$	120,970
Denominator:
Denominator for basic earnings per share—weighted average shares	408,097		400,431		405,747		400,211
Effect of dilutive securities:

Restricted stock awards	308		220		293		268
OP unitholder interests	3,418		3,471		3,432		3,478
Denominator for diluted earnings per share—adjusted weighted average shares	411,823		404,122		409,472		403,957
Basic earnings per share:
Income from continuing operations	$	0.05	$	0.26	$	0.02	$	0.31
Net income attributable to common stockholders	0.05		0.26		0.01		0.30
Diluted earnings per share: (1)
Income from continuing operations	$	0.05	$	0.26	$	0.02	$	0.31
Net income attributable to common stockholders	0.05		0.26		0.01		0.30

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(1) Potential common shares are not included in the computation of diluted earnings per share when a loss from continuing operations exists as the effect would be an antidilutive per share amount.

The dilutive effect of our Exchangeable Notes is calculated using the if-converted method in accordance with ASU 2020-06. We are required, pursuant to the indenture governing the Exchangeable Notes, to settle the aggregate principal amount of the Exchangeable Notes in cash and may elect to settle any remaining exchange obligation (i.e., the stock price in excess of the exchange obligation) in cash, shares of our common stock, or a combination thereof. Under the if-converted method, we include the number of shares required to satisfy the exchange obligation, assuming all the Exchangeable Notes are exchanged. The average closing price of our common stock for the three and six months ended June 30, 2024 is used as the basis for determining the dilutive effect on earnings per share. The average price of our common stock for each of the three and six months ended June 30, 2024 was less than the initial exchange price of $54.81 and, therefore, all associated shares were antidilutive.