Earnings Per Share

3 Months Ended

Mar. 31, 2026

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,
	2026		2025
Numerator for basic earnings per share - net income attributable to common stockholders	$	728,672	$	257,957


Adjustment for net income (loss) attributable to OP Units and DownREIT Units	12,909		950
Numerator for diluted earnings per share	$	741,581	$	258,907

Denominator for basic earnings per share - weighted average shares	699,837		643,393
Effect of dilutive securities:
Employee stock options	799		559
Unvested restricted shares and units	5,620		2,976
OP Units and DownREIT Units	11,495		2,467
Employee stock purchase program	16		20
Exchangeable Notes	8,488		4,380
Dilutive potential common shares	26,418		10,402
Denominator for diluted earnings per share - adjusted weighted average shares	726,255		653,795

Basic earnings per share	$	1.04	$	0.40
Diluted earnings per share	$	1.02	$	0.40