Earnings per Share and Unit

3 Months Ended

Mar. 31, 2025

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 March 31,
(in thousands, except per share data)	2025		2024
Numerator:
Net income attributable to common shareholders - basic	$	106,174		106,361
Net income attributable to common shareholders - diluted	$	106,174		106,361
Denominator:
Weighted average common shares outstanding for basic EPS		181,449		184,678
Weighted average common shares outstanding for diluted EPS (1)		181,813		184,770
Net income per common share – basic	$	0.59		0.58
Net income per common share – diluted	$	0.58		0.58

(1)

Includes the dilutive impact of unvested restricted stock.

The effect of the assumed exchange of the EOP units and certain other exchangeable units had an anti-dilutive effect upon the calculation of net income attributable to the common shareholders per share. Accordingly, the impact of such assumed exchanges has not been included in the determination of diluted net income per share calculations. Weighted average EOP units outstanding were 1,096,659 and 1,101,104 for the three months ended March 31, 2025 and 2024, respectively.

Operating Partnership Earnings per Unit

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


	Three months ended March 31,
(in thousands, except per unit data)	2025		2024
Numerator:
Net income attributable to common unit holders - basic	$	106,816		107,003
Net income attributable to common unit holders - diluted	$	106,816		107,003
Denominator:
Weighted average common units outstanding for basic EPU		182,546		185,779
Weighted average common units outstanding for diluted EPU (1)		182,910		185,872
Net income per common unit – basic	$	0.59		0.58
Net income per common unit – diluted	$	0.58		0.58

(1)

Includes the dilutive impact of unvested restricted stock.

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