Earnings Per Share

12 Months Ended

Dec. 31, 2023

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


	Year Ended December 31,
	2023		2022		2021
Numerator for basic earnings per share - net income attributable to common stockholders	$	340,094	$	141,214	$	336,138
Adjustment for net income (loss) attributable to OP Units and DownREIT Units	(303)		165		(3,020)
Numerator for diluted earnings per share	$	339,791	$	141,379	$	333,118

Denominator for basic earnings per share - weighted average shares	515,629		462,185		424,976
Effect of dilutive securities:
Employee stock options	32		20		—
Non-vested restricted shares and units	1,031		1,058		447
OP Units and DownREIT Units	1,983		1,865		1,396
Employee stock purchase program	26		30		22
Dilutive potential common shares	3,072		2,973		1,865
Denominator for diluted earnings per share - adjusted weighted average shares	518,701		465,158		426,841

Basic earnings per share	$	0.66	$	0.31	$	0.79
Diluted earnings per share	$	0.66	$	0.30	$	0.78

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, 2023 or December 31, 2022. Employee stock options were anti-dilutive for 2021.

The Exchangeable Notes were not included in the computation of diluted earnings per share as they were anti-dilutive for the year ended December 31, 2023.