Earnings Per Share

6 Months Ended

Jun. 30, 2022

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Numerator for basic earnings per share - net income (loss) attributable to common stockholders	$	89,784	$	26,257	$	151,709	$	97,803


Adjustment for net income (loss) attributable to OP units(1)	228		(873)		106		(2,225)
Numerator for diluted earnings per share	$	90,012	$	25,384	$	151,815	$	95,578

Denominator for basic earnings per share - weighted average shares	454,327		417,452		450,865		417,360
Effect of dilutive securities:
Employee stock options	40		—		36		—
Non-vested restricted shares	1,166		438		1,070		430
OP units(1)	1,526		1,396		1,461		1,396
Employee stock purchase program	23		19		23		19
Dilutive potential common shares	2,755		1,853		2,590		1,845
Denominator for diluted earnings per share - adjusted weighted average shares	457,082		419,305		453,455		419,205

Basic earnings per share	$	0.20	$	0.06	$	0.34	$	0.23
Diluted earnings per share	$	0.20	$	0.06	$	0.33	$	0.23

(1) OP units include both Welltower OP units owned by outside investors as well as OP units owned by outside investors in certain consolidated DownREIT subsidiaries.

As of June 30, 2022, and June 30, 2021, outstanding forward sales agreements for the sale of 17,636,290 shares and 13,052,375 shares, respectively, were not included in the computation of diluted earnings per share because such forward sales were anti-dilutive for the periods.