EARNINGS PER SHARE

12 Months Ended

Dec. 31, 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 Years Ended December 31,
	2024		2023		2022
Numerator for basic and diluted earnings per share:


Net income (loss)	$	88,351	$	(30,297)	$	(40,931)
Net income attributable to noncontrolling interests	7,198		10,676		6,516
Net income (loss) attributable to common stockholders	$	81,153	$	(40,973)	$	(47,447)
Denominator:
Denominator for basic earnings per share—weighted average shares	411,770		401,809		399,549
Effect of dilutive securities:

Restricted stock awards	397		389		390
OP unitholder interests	3,422		3,472		3,515
Exchangeable Notes	744		—		—
Equity forward sales agreements	33		—		—
Denominator for diluted earnings per share—adjusted weighted average shares	416,366		405,670		403,454
Basic earnings per share:
Net income (loss)	$	0.21	$	(0.08)	$	(0.10)
Net income (loss) attributable to common stockholders	0.20		(0.10)		(0.12)
Diluted earnings per share: (1)
Net income (loss)	$	0.21	$	(0.08)	$	(0.10)
Net income (loss) attributable to common stockholders	0.19		(0.10)		(0.12)

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

There were 2.9 million, 3.5 million and 3.6 million anti-dilutive options outstanding for the years ended December 31, 2024, 2023 and 2022, respectively.

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 year ended December 31, 2024 is used as the basis for determining the dilutive effect on earnings per share. The Exchangeable Notes were not included in the computation of diluted earnings per share for the years ended December 31, 2023 and 2022 as they were antidilutive.

Our unsettled equity forward sales agreements do not impact basic earnings per share. We apply the treasury stock method to our unsettled equity forward sales agreements to determine their dilutive effect, if any. See “Note 16 – Permanent and Temporary Equity.”