EARNINGS PER SHARE

6 Months Ended

Jun. 30, 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 June 30,				For the Six Months Ended June 30,
	2025		2024		2025		2024
Numerator for basic and diluted earnings per share:
Net income	$	71,462	$	21,168	$	119,818	$	8,628
Net income attributable to noncontrolling interests	3,198		1,781		4,686		3,553
Net income attributable to common stockholders	$	68,264	$	19,387	$	115,132	$	5,075
Denominator:
Denominator for basic earnings per share—weighted average shares	452,583		408,097		446,314		405,747
Effect of dilutive securities:

Restricted stock awards	504		308		550		293
OP unitholder interests	3,380		3,418		3,390		3,432
Exchangeable Notes	2,535		—		2,378		—
Equity forward sales agreements	86		—		368		—
Denominator for diluted earnings per share—adjusted weighted average shares	459,088		411,823		453,000		409,472
Basic earnings per share:
Net income	$	0.16	$	0.05	$	0.27	$	0.02
Net income attributable to common stockholders	0.15		0.05		0.26		0.01
Diluted earnings per share:
Net income	$	0.16	$	0.05	$	0.26	$	0.02
Net income attributable to common stockholders	0.15		0.05		0.25		0.01

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, 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 and six months ended June 30, 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.”