Earnings per Share and Unit

6 Months Ended

Jun. 30, 2022

Earnings Per Share And Unit [Abstract]


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 June 30,				Six months ended June 30,
(in thousands, except per share data)	2022		2021		2022		2021
Numerator:
Income attributable to common stockholders - basic	$	104,796		95,490	$	300,024		176,146
Income attributable to common stockholders - diluted	$	104,796		95,490	$	300,024		176,146
Denominator:
Weighted average common shares outstanding for basic EPS		172,064		169,854		171,692		169,812
Weighted average common shares outstanding for diluted EPS		172,424		170,172		172,036		170,065
Income per common share – basic	$	0.61		0.56	$	1.75		1.04
Income per common share – diluted	$	0.61		0.56	$	1.74		1.04

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 were 741,433 and 762,793 for the three months ended June 30, 2022 and 2021, respectively, and were 755,393 and 763,907 for the six months ended June 30, 2022 and 2021, respectively.

Operating Partnership Earnings per Unit

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


	Three months ended June 30,				Six months ended June 30,
(in thousands, except per share data)	2022		2021		2022		2021
Numerator:
Income attributable to common unit holders - basic	$	105,248		95,922	$	301,339		176,942
Income attributable to common unit holders - diluted	$	105,248		95,922	$	301,339		176,942
Denominator:
Weighted average common units outstanding for basic EPU		172,805		170,617		172,448		170,576
Weighted average common units outstanding for diluted EPU		173,165		170,935		172,791		170,828
Income per common unit – basic	$	0.61		0.56	$	1.75		1.04
Income per common unit – diluted	$	0.61		0.56	$	1.74		1.04