Earnings Per Share and Earnings Per Unit

12 Months Ended

Dec. 31, 2023

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):


	Year Ended December 31,
	2023			2022			2021
Numerator for net income per share – basic:
Net income	$	868,488		$	806,995		$	1,396,714
Allocation to Noncontrolling Interests – Operating Partnership		(26,710	)		(26,310	)		(45,900	)
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties		(6,340	)		(3,774	)		(17,964	)
Preferred distributions		(3,090	)		(3,090	)		(3,090	)
Numerator for net income per share – basic	$	832,348		$	773,821		$	1,329,760
Numerator for net income per share – diluted:
Net income	$	868,488		$	806,995		$	1,396,714
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties		(6,340	)		(3,774	)		(17,964	)
Preferred distributions		(3,090	)		(3,090	)		(3,090	)
Numerator for net income per share – diluted	$	859,058		$	800,131		$	1,375,660
Denominator for net income per share – basic and diluted:
Denominator for net income per share – basic		378,773			376,209			373,833
Effect of dilutive securities:
OP Units		11,181			11,836			12,263
Long-term compensation shares/units		943			1,402			1,924
ATM forward sales		—			3			69
Denominator for net income per share – diluted		390,897			389,450			388,089
Net income per share – basic	$	2.20		$	2.06		$	3.56
Net income per share – diluted	$	2.20		$	2.05		$	3.54

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):


	Year Ended December 31,
	2023			2022			2021
Numerator for net income per Unit – basic and diluted:
Net income	$	868,488		$	806,995		$	1,396,714
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties		(6,340	)		(3,774	)		(17,964	)
Allocation to Preference Units		(3,090	)		(3,090	)		(3,090	)
Numerator for net income per Unit – basic and diluted	$	859,058		$	800,131		$	1,375,660
Denominator for net income per Unit – basic and diluted:
Denominator for net income per Unit – basic		389,954			388,045			386,096
Effect of dilutive securities:
Dilution for Units issuable upon assumed exercise/vesting of the Company’s long-term compensation shares/units		943			1,402			1,924
ATM forward sales		—			3			69
Denominator for net income per Unit – diluted		390,897			389,450			388,089
Net income per Unit – basic	$	2.20		$	2.06		$	3.56
Net income per Unit – diluted	$	2.20		$	2.05		$	3.54