EARNINGS PER SHARE

12 Months Ended

Dec. 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 Years Ended December 31,
	2025		2024		2023
Numerator for basic and diluted earnings per share:
Net income (loss)	$	261,518	$	88,351	$	(30,297)
Net income attributable to noncontrolling interests	10,137		7,198		10,676
Net income (loss) attributable to common stockholders	$	251,381	$	81,153	$	(40,973)
Denominator:
Denominator for basic earnings per share—weighted average shares	455,082		411,770		401,809
Effect of dilutive securities:
Restricted stock awards	607		397		389
OP unitholder interests	3,382		3,422		3,472
Exchangeable Notes	2,998		744		—
Equity forward sales agreements	546		33		—
Denominator for diluted earnings per share—adjusted weighted average shares	462,615		416,366		405,670
Basic earnings per share:
Net income (loss)	$	0.57	$	0.21	$	(0.08)
Net income (loss) attributable to common stockholders	0.55		0.20		(0.10)
Diluted earnings per share:
Net income (loss)	$	0.57	$	0.21	$	(0.08)
Net income (loss) attributable to common stockholders	0.54		0.19		(0.10)

There were 0.2 million, 2.9 million and 3.5 million anti-dilutive options outstanding for the years ended December 31, 2025, 2024 and 2023, 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 years ended December 31, 2025 and 2024 are 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 year ended December 31, 2023 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.”