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Earnings per Share and Unit
 12 Months Ended
Dec. 31, 2019
Earnings Per Share And Unit [Abstract]  
Earnings per Share and Unit

15.

Earnings per Share and Unit

Parent Company Earnings per Share

The following summarizes the calculation of basic and diluted earnings per share:

 

 

 

Year ended December 31,

 

(in thousands, except per share data)

 

2019

 

 

2018

 

 

2017

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Income attributable to common stockholders - basic

 

$

239,430

 

 

$

249,127

 

 

 

159,949

 

Income attributable to common stockholders - diluted

 

$

239,430

 

 

$

249,127

 

 

 

159,949

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding for basic EPS

 

 

167,526

 

 

 

169,724

 

 

 

159,536

 

Weighted average common shares outstanding for diluted EPS (1) (2)

 

 

167,771

 

 

 

170,100

 

 

 

159,960

 

Income per common share – basic

 

$

1.43

 

 

$

1.47

 

 

 

1.00

 

Income per common share – diluted

 

$

1.43

 

 

$

1.46

 

 

 

1.00

 

 

(1)

Includes the dilutive impact of unvested restricted stock.

 

 

(2)

Using the treasury stock method, weighted average common shares outstanding for basic and diluted earnings per share excludes 1.9 million and 1.3 million shares issuable under the forward ATM equity offering and the forward equity offering outstanding during 2019 and 2017, respectively, as they would be anti-dilutive.

 

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 for the years ended December 31, 2019, 2018, and 2017, were 464,286 , 349,902, and 295,054, respectively.

Operating Partnership Earnings per Unit

The following summarizes the calculation of basic and diluted earnings per unit:

 

 

 

Year ended December 31,

 

(in thousands, except per share data)

 

2019

 

 

2018

 

 

2017

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Income attributable to common unit holders - basic

 

$

240,064

 

 

$

249,652

 

 

 

160,337

 

Income attributable to common unit holders - diluted

 

$

240,064

 

 

$

249,652

 

 

 

160,337

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common units outstanding for basic EPU

 

 

167,990

 

 

 

170,074

 

 

 

159,831

 

Weighted average common units outstanding for diluted EPU (1) (2)

 

 

168,235

 

 

 

170,450

 

 

 

160,255

 

Income per common unit – basic

 

$

1.43

 

 

$

1.47

 

 

 

1.00

 

Income per common unit – diluted

 

$

1.43

 

 

$

1.46

 

 

 

1.00

 

 

(1)

Includes the dilutive impact of unvested restricted stock.

 

 

(2)

Using the treasury stock method, weighted average common shares outstanding for basic and diluted earnings per share excludes 1.9 million and 1.3 million shares issuable under the forward ATM equity offering and the forward equity offering outstanding during 2019 and 2017, respectively, as they would be anti-dilutive.