Earnings Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

9.Earnings Per Share

The following table provides a reconciliation of net income and the number of common shares used in the computations of “basic” earnings per share (“EPS”), which utilizes the weighted-average number of common shares outstanding without regard to dilutive potential common shares, and “diluted” EPS, which includes all such shares (in thousands, except per share amounts):

	Three Months						Six Months
	Ended June 30,						Ended June 30,
	2024			2023			2024			2023
Numerators – Basic and Diluted
Net income	$	238,245		$	5,353		$	214,693		$	20,655
Income attributable to non-controlling interests		—			—			—			(18	)
Preferred dividends		(2,789	)		(2,789	)		(5,578	)	$	(5,578	)
Earnings attributable to unvested shares and OP Units		(138	)		(88	)		(269	)		(195	)
Net income attributable to common shareholders after    allocation to participating securities	$	235,318		$	2,476		$	208,846		$	14,864
Denominators – Number of Shares
Basic—Average shares outstanding		209,553			209,266			209,486			209,616
Assumed conversion of dilutive securities—PRSUs		723			181			767			445
Assumed conversion of dilutive securities—restricted stock units		1,033			—			—			—
Diluted—Average shares outstanding		211,309			209,447			210,253			210,061
Earnings Per Share:
Basic	$	1.12		$	0.01		$	1.00		$	0.07
Diluted	$	1.11		$	0.01		$	0.99		$	0.07

For the three and six months ended June 30, 2024, Performance Restricted Stock Units (“PRSUs”) issued to certain executives in March 2024, March 2023 and March 2022 were considered in the computation of diluted EPS. The PRSUs issued in March 2022 were considered in the computation of diluted EPS for the three months ended June 30, 2023 and not considered in the computation of diluted EPS for the six months ended June 30, 2023, because they were antidilutive. The PRSUs issued in March 2023 were not considered in the computation of diluted EPS because they were antidilutive for the three months ended June 30, 2023 and were considered in the computation of diluted EPS for the six months ended June 30, 2023. For the three and six months ended June 30, 2023, PRSUs issued to certain executives in March 2021 were considered in the computation of diluted EPS. In March 2024, the Company issued 178,527 common shares in settlement of PRSUs granted in 2021.

Common Share Dividends

The Company declared a quarterly cash dividend of $0.13 per common share for both three-month periods ended June 30, 2024 and 2023 and $0.26 per common share for both six-month periods ended June 30, 2024 and 2023.