Earnings per Share and Unit

6 Months Ended

Jun. 30, 2024

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)	2024		2023		2024		2023
Numerator:
Net income attributable to common shareholders - basic	$	99,255		86,782	$	205,616		184,063
Net income attributable to common shareholders - diluted	$	99,255		86,782	$	205,616		184,063
Denominator:
Weighted average common shares outstanding for basic EPS		183,703		170,990		184,188		171,100
Weighted average common shares outstanding for diluted EPS (1)		183,868		171,275		184,332		171,369
Net income per common share – basic	$	0.54		0.51	$	1.12		1.08
Net income per common share – diluted	$	0.54		0.51	$	1.12		1.07

(1)

Includes the dilutive impact of unvested restricted stock.

The effect of the assumed conversion of the EOP units and certain other convertible units had an anti-dilutive effect upon the calculation of net income to the common shareholders per share. Accordingly, the impact of such assumed conversions has not been included in the determination of diluted net income per share calculations. Weighted average EOP units outstanding were 1,099,516 and 901,480 for the three months ended June 30, 2024 and 2023, and 1,100,305 and 822,346 for the six months ended June 30, 2024 and 2023, respectively.

Operating Partnership Earnings per Unit

The following summarizes the calculation of basic and diluted earnings per unit ("EPU"):


	Three months ended June 30,				Six months ended June 30,
(in thousands, except per unit data)	2024		2023		2024		2023
Numerator:
Net income attributable to common unit holders - basic	$	99,856		87,332	$	206,859		185,033
Net income attributable to common unit holders - diluted	$	99,856		87,332	$	206,859		185,033
Denominator:
Weighted average common units outstanding for basic EPU		184,803		171,891		185,288		171,922
Weighted average common units outstanding for diluted EPU (1)		184,968		172,176		185,433		172,192
Net income per common unit – basic	$	0.54		0.51	$	1.12		1.08
Net income per common unit – diluted	$	0.54		0.51	$	1.12		1.07

(1)

Includes the dilutive impact of unvested restricted stock.

The effect of the assumed conversion of certain other convertible units had an anti-dilutive effect upon the calculation of net income to the common unit holders per share. Accordingly, the impact of such assumed conversions has not been included in the determination of diluted net income per unit calculations.