Earnings per Share and Unit

9 Months Ended

Sep. 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 September 30,				Nine months ended September 30,
(in thousands, except per share data)	2024		2023		2024		2023
Numerator:
Net income attributable to common shareholders - basic	$	98,056		89,076	$	303,672		273,139
Net income attributable to common shareholders - diluted	$	98,056		89,076	$	303,672		273,139
Denominator:
Weighted average common shares outstanding for basic EPS		181,498		177,344		183,281		173,212
Weighted average common shares outstanding for diluted EPS (1)		181,772		178,231		183,448		173,711
Net income per common share – basic	$	0.54		0.50	$	1.66	$	1.58
Net income per common share – diluted	$	0.54		0.50	$	1.66	$	1.57

(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 1,080,101 for the three months ended September 30, 2024 and 2023, and 1,100,039 and 909,527 for the nine months ended September 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 September 30,				Nine months ended September 30,
(in thousands, except per unit data)	2024		2023		2024		2023
Numerator:
Net income attributable to common unit holders - basic	$	98,649		89,596	$	305,508		274,629
Net income attributable to common unit holders - diluted	$	98,649		89,596	$	305,508		274,629
Denominator:
Weighted average common units outstanding for basic EPU		182,597		178,424		184,381		174,121
Weighted average common units outstanding for diluted EPU (1)		182,872		179,311		184,548		174,621
Net income per common unit – basic	$	0.54		0.50	$	1.66		1.58
Net income per common unit – diluted	$	0.54		0.50	$	1.66		1.57

(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.