Earnings Per Share and Earnings Per Unit

9 Months Ended

Sep. 30, 2022

Earnings Per Share And Earnings Per Unit

11.

Earnings Per Share and Earnings Per Unit

Equity Residential

The following tables set forth the computation of net income per share – basic and net income per share – diluted for the Company (amounts in thousands except per share amounts):


	Nine Months Ended September 30,						Quarter Ended September 30,
	2022			2021			2022			2021
Numerator for net income per share – basic:
Net income	$	641,641		$	835,736		$	335,165		$	447,332
Allocation to Noncontrolling Interests – Operating Partnership		(21,024	)		(27,903	)		(10,997	)		(14,847	)
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties		(2,726	)		(1,957	)		(1,143	)		(534	)
Preferred distributions		(2,318	)		(2,318	)		(773	)		(773	)
Numerator for net income per share – basic	$	615,573		$	803,558		$	322,252		$	431,178
Numerator for net income per share – diluted:
Net income	$	641,641		$	835,736		$	335,165		$	447,332
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties		(2,726	)		(1,957	)		(1,143	)		(534	)
Preferred distributions		(2,318	)		(2,318	)		(773	)		(773	)
Numerator for net income per share – diluted	$	636,597		$	831,461		$	333,249		$	446,025
Denominator for net income per share – basic and diluted:
Denominator for net income per share – basic		375,710			373,474			375,850			374,308
Effect of dilutive securities:
OP Units		11,893			12,367			11,895			12,019
Long-term compensation shares/units		1,785			1,801			1,555			2,047
ATM forward sales		6			—			—			—
Denominator for net income per share – diluted		389,394			387,642			389,300			388,374
Net income per share – basic	$	1.64		$	2.15		$	0.86		$	1.15
Net income per share – diluted	$	1.63		$	2.14		$	0.86		$	1.15

ERP Operating Limited Partnership

The following tables set forth the computation of net income per Unit – basic and net income per Unit – diluted for the Operating Partnership (amounts in thousands except per Unit amounts):


	Nine Months Ended September 30,						Quarter Ended September 30,
	2022			2021			2022			2021
Numerator for net income per Unit – basic and diluted:
Net income	$	641,641		$	835,736		$	335,165		$	447,332
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties		(2,726	)		(1,957	)		(1,143	)		(534	)
Allocation to Preference Units		(2,318	)		(2,318	)		(773	)		(773	)
Numerator for net income per Unit – basic and diluted	$	636,597		$	831,461		$	333,249		$	446,025
Denominator for net income per Unit – basic and diluted:
Denominator for net income per Unit – basic		387,603			385,841			387,745			386,327
Effect of dilutive securities:
Dilution for Units issuable upon assumed exercise/vesting of the Company’s long-term compensation shares/units		1,785			1,801			1,555			2,047
ATM forward sales		6			—			—			—
Denominator for net income per Unit – diluted		389,394			387,642			389,300			388,374
Net income per Unit – basic	$	1.64		$	2.15		$	0.86		$	1.15
Net income per Unit – diluted	$	1.63		$	2.14		$	0.86		$	1.15