Earnings per Share and Unit

Parent Company Earnings per Share

The following summarizes the calculation of basic and diluted earnings per share:



	Year ended December 31,
(in thousands, except per share data)	2018		2017		2016
Numerator:
Income from operations attributable to common stockholders - basic	$	249,127	159,949		143,860
Income from operations attributable to common stockholders - diluted	$	249,127	159,949		143,860
Denominator:
Weighted average common shares outstanding for basic EPS	169,724		159,536		100,863
Weighted average common shares outstanding for diluted EPS ⁽¹⁾	170,100		159,960	⁽²⁾	101,285	⁽²⁾


Income per common share – basic	$	1.47	1.00		1.43
Income per common share – diluted	$	1.46	1.00		1.42

⁽¹⁾ Includes the dilutive impact of unvested restricted stock.
⁽²⁾ Using the treasury stock method, weighted average common shares outstanding for basic and diluted earnings per share excludes 1.3 million shares issuable under the forward equity offering outstanding during 2017 and 2016, as they would be anti-dilutive.

Income allocated to noncontrolling interests of the Operating Partnership has been excluded from the numerator and exchangeable Operating Partnership units have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would be anti-dilutive. Weighted average exchangeable Operating Partnership units outstanding for the years ended December 31, 2018, 2017, and 2016 were 349,902, 295,054, and 154,170 respectively.

Operating Partnership Earnings per Unit

The following summarizes the calculation of basic and diluted earnings per unit:



	Year ended December 31,
(in thousands, except per share data)	2018		2017		2016
Numerator:
Income from operations attributable to common unit holders - basic	$	249,652	160,337		144,117
Income from operations attributable to common unit holders - diluted	$	249,652	160,337		144,117
Denominator:
Weighted average common units outstanding for basic EPU	170,074		159,831		101,017
Weighted average common units outstanding for diluted EPU ⁽¹⁾	170,450		160,255	⁽²⁾	101,439	⁽²⁾

Income per common unit – basic	$	1.47	1.00		1.43
Income per common unit – diluted	$	1.46	1.00		1.42

⁽¹⁾ Includes the dilutive impact of unvested restricted stock.
⁽²⁾ Using the treasury stock method, weighted average common shares outstanding for basic and diluted earnings per share excludes 1.3 million shares issuable under the forward equity offering outstanding during 2017 and 2016, as they would be anti-dilutive.