Earnings Per Share

12 Months Ended

Dec. 31, 2024

15.

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).


	For the Year Ended December 31,
	2024			2023			2022
Numerators – Basic and Diluted
Continuing Operations:
Net income	$	525,764		$	229,349		$	139,194
Income attributable to non-controlling interests		—			(18	)		(73	)
Preferred dividends (including original issuance costs)		(15,793	)		(11,156	)		(11,156	)
Earnings attributable to unvested shares and OP Units		(2,292	)		(606	)		(484	)
Net income attributable to common shareholders after allocation to participating securities		507,679			217,569			127,481
Discontinued Operations:
Income from discontinued operations	$	6,060			36,372			29,598
Total	$	513,739		$	253,941		$	157,079

Denominators – Number of Shares
Basic – Average shares outstanding		52,393			52,365			53,250
Assumed conversion of dilutive securities:
PRSUs		191			40			186
OP Units		—			—			35
Diluted – Average shares outstanding		52,584			52,405			53,471

Earnings Per Share:
Basic
From continuing operations	$	9.69		$	4.16		$	2.40
From discontinued operations		0.12			0.69			0.55
Total	$	9.81		$	4.85		$	2.95
Diluted
From continuing operations	$	9.65		$	4.16		$	2.39
From discontinued operations		0.12			0.69			0.55
Total	$	9.77		$	4.85		$	2.94

Basic average shares outstanding do not include restricted shares totaling 0.2 million, 0.3 million and 0.2 million at years ended December 31, 2024, 2023 and 2022, respectively, that were not vested (Note 14).

The following potentially dilutive securities were considered in the calculation of EPS:

•

PRSUs issued to certain executives were considered in the computation of diluted EPS for all periods presented.

•

The exchange into common shares associated with OP Units was included in the computation of diluted EPS for the year ended December 31, 2022. The OP Units were redeemed in 2023 (Note 9).

•

Options to purchase common shares that were outstanding were not considered in the computation of diluted EPS, as the options were anti-dilutive for all years presented (Note 14).