Earnings Per Share

12 Months Ended

Dec. 31, 2024

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


	Year Ended December 31,
	2024		2023		2022
Numerator for basic earnings per share - net income attributable to common stockholders	$	951,680	$	340,094	$	141,214
Adjustment for net income (loss) attributable to OP Units and DownREIT Units	1,700		(303)		165
Numerator for diluted earnings per share	$	953,380	$	339,791	$	141,379

Denominator for basic earnings per share - weighted average shares	602,975		515,629		462,185
Effect of dilutive securities:
Employee stock options	262		32		20
Unvested restricted shares and units	1,932		1,031		1,058
OP Units and DownREIT Units	2,207		1,983		1,865
Employee stock purchase program	21		26		30
Exchangeable Notes	1,353		—		—
Dilutive potential common shares	5,775		3,072		2,973
Denominator for diluted earnings per share - adjusted weighted average shares	608,750		518,701		465,158

Basic earnings per share	$	1.58	$	0.66	$	0.31
Diluted earnings per share	$	1.57	$	0.66	$	0.30

The 2028 Exchangeable Notes and the 2029 Exchangeable Notes are included in the computation of diluted earnings per share for the year ended December 31, 2024. The 2028 Exchangeable Notes were not included in the computation of diluted earnings per share for the year ended December 31, 2023 as they were anti-dilutive.