Earnings Per Common Share

12 Months Ended

Dec. 31, 2025

Basic and fully diluted earnings per share are based on the weighted average shares outstanding during each year. The following table sets forth the computation of basic and diluted earnings per share of common stock (Common Share):


	For the Years Ended December 31,
(amounts in thousands, except per share data)	2025		2024		2023
Numerators:
Net income available to Common Stockholders—Basic	$	386,492	$	366,998	$	314,191
Amounts allocated to non-controlling interests (dilutive securities)	15,553		17,804		15,470
Net income available to Common Stockholders—Fully Diluted	$	402,045	$	384,802	$	329,661
Denominator:
Weighted average Common Shares outstanding—Basic	192,137		187,439		186,061
Effect of dilutive securities:
Exchange of Common OP Units for Common Shares	7,922		9,105		9,217
Stock options and restricted stock	55		92		151
Weighted average Common Shares outstanding and OP Units – Fully Diluted	200,114		196,636		195,429


Earnings per Common Share—Basic:	$	2.01	$	1.96	$	1.69

Earnings per Common Share—Fully Diluted:	$	2.01	$	1.96	$	1.69