Earnings per Share and Unit

9 Months Ended

Sep. 30, 2021

Earnings Per Share And Unit [Abstract]

Earnings per Share and Unit

11. Earnings per Share and Unit

Parent Company Earnings per Share

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

	Three months ended September 30,				Nine months ended September 30,
(in thousands, except per share data)	2021		2020		2021		2020
Numerator:
Income attributable to common stockholders - basic	$	117,406		12,688	$	293,552		6,402
Income attributable to common stockholders - diluted	$	117,406		12,688	$	293,552		6,402
Denominator:
Weighted average common shares outstanding for basic EPS		170,090		169,671		169,906		169,081
Weighted average common shares outstanding for diluted EPS		170,589		169,970		170,314		169,356
Income per common share – basic	$	0.69		0.07	$	1.73		0.04
Income per common share – diluted	$	0.69		0.07	$	1.72		0.04

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 three months ended September 30, 2021 and 2020, were 760,046 and 765,046, respectively. Weighted average exchangeable Operating Partnership units outstanding for the nine months ended September 30, 2021 and 2020, were 762,601 and 765,046, respectively.

Operating Partnership Earnings per Unit

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

	Three months ended September 30,				Nine months ended September 30,
(in thousands, except per share data)	2021		2020		2021		2020
Numerator:
Income attributable to common unit holders - basic	$	117,925		12,745	$	294,867		6,431
Income attributable to common unit holders - diluted	$	117,925		12,745	$	294,867		6,431
Denominator:
Weighted average common units outstanding for basic EPU		170,850		170,436		170,668		169,846
Weighted average common units outstanding for diluted EPU		171,349		170,735		171,076		170,121
Income per common unit – basic	$	0.69		0.07	$	1.73		0.04
Income per common unit – diluted	$	0.69		0.07	$	1.72		0.04