Earnings per Share and Unit

9 Months Ended

Sep. 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 September 30,				Nine months ended September 30,
(in thousands, except per share data)	2022		2021		2022		2021
Numerator:
Income attributable to common stockholders - basic	$	87,578		117,406	$	387,602		293,552
Income attributable to common stockholders - diluted	$	87,578		117,406	$	387,602		293,552
Denominator:
Weighted average common shares outstanding for basic EPS		171,121		170,090		171,499		169,906
Weighted average common shares outstanding for diluted EPS		171,525		170,589		171,870		170,314
Income per common share – basic	$	0.51		0.69	$	2.26		1.73
Income per common share – diluted	$	0.51		0.69	$	2.26		1.72

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 760,046 for the three months ended September 30, 2022 and 2021, respectively, and were 750,671 and 762,601 for the nine months ended September 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 September 30,				Nine months ended September 30,
(in thousands, except per share data)	2022		2021		2022		2021
Numerator:
Income attributable to common unit holders - basic	$	87,957		117,925	$	389,296		294,867
Income attributable to common unit holders - diluted	$	87,957		117,925	$	389,296		294,867
Denominator:
Weighted average common units outstanding for basic EPU		171,862		170,850		172,249		170,668
Weighted average common units outstanding for diluted EPU		172,267		171,349		172,620		171,076
Income per common unit – basic	$	0.51		0.69	$	2.26		1.73
Income per common unit – diluted	$	0.51		0.69	$	2.26		1.72