Earnings Per Share and Earnings Per Unit

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share And Earnings Per Unit

10.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):

	Six Months Ended June 30,						Quarter Ended June 30,
	2024			2023			2024			2023
Numerator for net income per share – basic:
Net income	$	488,587		$	364,933		$	183,555		$	144,862
Allocation to Noncontrolling Interests – Operating Partnership		(13,278	)		(11,613	)		(5,003	)		(4,554	)
Net (income) loss attributable to Noncontrolling    Interests – Partially Owned Properties		(2,039	)		(2,082	)		(1,069	)		(1,105	)
Preferred distributions		(902	)		(1,545	)		(355	)		(773	)
Premium on redemption of Preferred Shares		(1,444	)		—			—			—
Numerator for net income per share – basic	$	470,924		$	349,693		$	177,128		$	138,430
Numerator for net income per share – diluted:
Net income	$	488,587		$	364,933		$	183,555		$	144,862
Net (income) loss attributable to Noncontrolling    Interests – Partially Owned Properties		(2,039	)		(2,082	)		(1,069	)		(1,105	)
Preferred distributions		(902	)		(1,545	)		(355	)		(773	)
Premium on redemption of Preferred Shares		(1,444	)		—			—			—
Numerator for net income per share – diluted	$	484,202		$	361,306		$	182,131		$	142,984
Denominator for net income per share – basic and diluted:
Denominator for net income per share – basic		378,699			378,492			378,578			378,642
Effect of dilutive securities:
OP Units		10,681			11,450			10,693			11,390
Long-term compensation shares/units		1,168			1,121			1,271			1,155
Denominator for net income per share – diluted		390,548			391,063			390,542			391,187
Net income per share – basic	$	1.24		$	0.92		$	0.47		$	0.37
Net income per share – diluted	$	1.24		$	0.92		$	0.47		$	0.37

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):

	Six Months Ended June 30,						Quarter Ended June 30,
	2024			2023			2024			2023
Numerator for net income per Unit – basic and diluted:
Net income	$	488,587		$	364,933		$	183,555		$	144,862
Net (income) loss attributable to Noncontrolling    Interests – Partially Owned Properties		(2,039	)		(2,082	)		(1,069	)		(1,105	)
Allocation to Preference Units		(902	)		(1,545	)		(355	)		(773	)
Allocation to premium on redemption of Preference Units		(1,444	)		—			—			—
Numerator for net income per Unit – basic and diluted	$	484,202		$	361,306		$	182,131		$	142,984
Denominator for net income per Unit – basic and diluted:
Denominator for net income per Unit – basic		389,380			389,942			389,271			390,032
Effect of dilutive securities:
Dilution for Units issuable upon assumed exercise/vesting    of the Company’s long-term compensation shares/units		1,168			1,121			1,271			1,155
Denominator for net income per Unit – diluted		390,548			391,063			390,542			391,187
Net income per Unit – basic	$	1.24		$	0.92		$	0.47		$	0.37
Net income per Unit – diluted	$	1.24		$	0.92		$	0.47		$	0.37