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Earnings Per Share
 9 Months Ended
Sep. 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
September 30,
Nine Months Ended
September 30,
 2025202420252024
Numerator for basic earnings per share - net income attributable to common stockholders$280,559 $449,849 $840,404 $831,709 
Adjustment for net income (loss) attributable to OP Units and DownREIT Units1,062 1,221 2,927 1,235 
Numerator for diluted earnings per share
$281,621 $451,070 $843,331 $832,944 
Denominator for basic earnings per share - weighted average shares672,407 611,290 657,571 595,353 
Effect of dilutive securities:
Employee stock options
698 370 618 181 
Unvested restricted shares and units3,294 2,517 3,137 1,686 
OP Units and DownREIT Units
2,632 2,123 2,603 2,192 
Employee stock purchase program
19 22 20 22 
Exchangeable Notes6,349 1,984 5,269 757 
Dilutive potential common shares12,992 7,016 11,647 4,838 
Denominator for diluted earnings per share - adjusted weighted average shares
685,399 618,306 669,218 600,191 
Basic earnings per share$0.42 $0.74 $1.28 $1.40 
Diluted earnings per share$0.41 $0.73 $1.26 $1.39 
The 2028 Exchangeable Notes and the 2029 Exchangeable Notes are included in the computation of diluted earnings per share for the three and nine months ended September 30, 2025. The 2028 Exchangeable Notes are included in the computation of diluted earnings per share for the three and nine months ended September 30, 2024. The 2029 Exchangeable Notes issued in 2024 were not included in the computation of diluted earnings per share for the three and nine months ended September 30, 2024 as they were anti-dilutive.