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Earnings Per Share (Tables)
6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Reconciliation of Net Income (Loss) and Number of Common Shares Used in Computations of "Basic" EPS and "Diluted" EPS

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