EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2025

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 March 31,
	2025		2024
Numerator for basic and diluted earnings per share:

Net income (loss)	48,356		(12,540)
Net income attributable to noncontrolling interests	1,488		1,772
Net income (loss) attributable to common stockholders	$	46,868	$	(14,312)
Denominator:
Denominator for basic earnings per share—weighted average shares	439,931		403,365
Effect of dilutive securities:

Restricted stock awards	506		416
OP unitholder interests	3,401		3,446
Exchangeable Notes	2,221		—
Equity forward sales agreements	365		—
Denominator for diluted earnings per share—adjusted weighted average shares	446,424		407,227
Basic earnings per share:
Net income (loss)	$	0.11	$	(0.03)
Net income (loss) attributable to common stockholders	0.11		(0.04)
Diluted earnings per share: (1)
Net income (loss)	$	0.11	$	(0.03)
Net income (loss) attributable to common stockholders	0.10		(0.04)

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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.

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 months ended March 31, 2025 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 three months ended March 31, 2024 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 14 – Stockholders' Equity.”