Earnings per Share and Unit

6 Months Ended

Jun. 30, 2026

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)	2026		2025		2026		2025
Numerator:
Net income attributable to common shareholders - basic	$	112,351		102,608	$	237,487		208,782
Net income attributable to common shareholders - diluted	$	112,351		102,608	$	237,487		208,782
Denominator:
Weighted average common shares outstanding for basic EPS		183,108		181,543		183,053		181,497
Weighted average common shares outstanding for diluted EPS (1)		183,351		181,955		183,309		181,877
Net income per common share – basic	$	0.61		0.57	$	1.30		1.15
Net income per common share – diluted	$	0.61		0.56	$	1.30		1.15

(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 3,838,188 and 1,067,844 for the three months ended June 30, 2026 and 2025, respectively, and 3,838,188 and 1,088,815 for the six months ended June 30, 2026 and 2025, 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)	2026		2025		2026		2025
Numerator:
Net income attributable to common unit holders - basic	$	114,711		103,194	$	242,464		210,010
Net income attributable to common unit holders - diluted	$	114,711		103,194	$	242,464		210,010
Denominator:
Weighted average common units outstanding for basic EPU		186,946		182,611		186,891		182,586
Weighted average common units outstanding for diluted EPU (1)		187,190		183,023		187,147		182,966
Net income per common unit – basic	$	0.61		0.57	$	1.30		1.15
Net income per common unit – diluted	$	0.61		0.56	$	1.30		1.15

(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 unit. Accordingly, the impact of such assumed exchanges has not been included in the determination of diluted net income per unit calculations.