EARNINGS PER SHARE

9 Months Ended

Sep. 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 September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Numerator for basic and diluted earnings per share:
Net income	$	68,708	$	20,996	$	188,526	$	29,624
Net income attributable to noncontrolling interests	2,661		1,753		7,347		5,306
Net income attributable to common stockholders	$	66,047	$	19,243	$	181,179	$	24,318
Denominator:
Denominator for basic earnings per share—weighted average shares	456,032		414,599		449,572		408,691
Effect of dilutive securities:

Restricted stock awards	573		476		553		340
OP unitholder interests	3,376		3,415		3,386		3,427
Exchangeable Notes	2,912		964		2,556		321
Equity forward sales agreements	522		19		325		7
Denominator for diluted earnings per share—adjusted weighted average shares	463,415		419,474		456,392		412,785
Basic earnings per share:
Net income	$	0.15	$	0.05	$	0.42	$	0.07
Net income attributable to common stockholders	0.14		0.05		0.40		0.06
Diluted earnings per share:
Net income	$	0.15	$	0.05	$	0.41	$	0.07
Net income attributable to common stockholders	0.14		0.05		0.40		0.06

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 nine months ended September 30, 2025 is used as the basis for determining the dilutive effect on earnings per share.

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.”