Earnings Per Share

12 Months Ended

Dec. 31, 2022

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


	Year Ended December 31,
	2022		2021		2020
Numerator for basic earnings per share - net income attributable
to common stockholders	$	141,214	$	336,138	$	978,844
Adjustment for net income (loss) attributable to OP Units and DownREIT Units	165		(3,020)		(6,146)
Numerator for diluted earnings per share	$	141,379	$	333,118	$	972,698

Denominator for basic earnings per share - weighted average shares	462,185		424,976		415,451
Effect of dilutive securities:
Employee stock options	20		—		—
Non-vested restricted shares	1,058		447		519
OP Units and DownREIT Units	1,865		1,396		1,396
Employee stock purchase program	30		22		21
Dilutive potential common shares	2,973		1,865		1,936
Denominator for diluted earnings per share - adjusted weighted average shares	465,158		426,841		417,387

Basic earnings per share	$	0.31	$	0.79	$	2.36
Diluted earnings per share	$	0.30	$	0.78	$	2.33

As of December 31, 2021, outstanding forward sales agreements for the sale of 5,187,250 shares were not included in the computation of diluted earnings per share because such forward sales were anti-dilutive for the period. There were no outstanding forward sale agreements as of December 31, 2022 or December 31, 2020. Employee stock options were anti-dilutive for 2021 and 2020.