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Earnings Per Share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
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,
 2025202420252024
Numerator for basic earnings per share - net income attributable to common stockholders$301,888 $254,714 $559,845 $381,860 
Adjustment for net income (loss) attributable to OP Units and DownREIT Units915 339 1,865 14 
Numerator for diluted earnings per share
$302,803 $255,053 $561,710 $381,874 
Denominator for basic earnings per share - weighted average shares656,593 600,545 650,029 587,297 
Effect of dilutive securities:
Employee stock options
595 103 577 86 
Unvested restricted shares and units3,146 1,483 3,061 1,273 
OP Units and DownREIT Units
2,711 2,124 2,589 2,226 
Employee stock purchase program
19 22 20 22 
Exchangeable Notes5,076 286 4,728 143 
Dilutive potential common shares11,547 4,018 10,975 3,750 
Denominator for diluted earnings per share - adjusted weighted average shares
668,140 604,563 661,004 591,047 
Basic earnings per share$0.46 $0.42 $0.86 $0.65 
Diluted earnings per share$0.45 $0.42 $0.85 $0.65 
The 2028 Exchangeable Notes and the 2029 Exchangeable Notes are included in the computation of diluted earnings per share for the three and six months ended June 30, 2025. The 2028 Exchangeable Notes are included in the computation of diluted earnings per share for the three and six months ended June 30, 2024.