Earnings Per Share

3 Months Ended

Mar. 31, 2025

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


	Three Months Ended March 31,
		2025		2024
Numerator for basic earnings per share - net income attributable to common stockholders		$	257,957	$	127,146


Adjustment for net income (loss) attributable to OP Units and DownREIT Units		950		(325)
Numerator for diluted earnings per share		$	258,907	$	126,821

Denominator for basic earnings per share - weighted average shares		643,393		574,049
Effect of dilutive securities:
Employee stock options		559		69
Unvested restricted shares and units		2,976		1,061
OP Units and DownREIT Units		2,467		2,329
Employee stock purchase program		20		22
Exchangeable Notes		4,380		—
Dilutive potential common shares		10,402		3,481
Denominator for diluted earnings per share - adjusted weighted average shares		653,795		577,530

Basic earnings per share		$	0.40	$	0.22
Diluted earnings per share		$	0.40	$	0.22

The 2028 Exchangeable Notes and the 2029 Exchangeable Notes are included in the computation of diluted earnings per share for the three months ended March 31, 2025. The 2028 Exchangeable Notes were not included in the computation of diluted earnings per share for the three months ended March 31, 2024 as they were anti-dilutive.