Earnings per Share and Unit

12 Months Ended

Dec. 31, 2020

Earnings Per Share And Unit [Abstract]

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)	2020		2019		2018
Numerator:
Income attributable to common stockholders - basic	$	44,889	$	239,430		249,127
Income attributable to common stockholders - diluted	$	44,889	$	239,430		249,127
Denominator:
Weighted average common shares outstanding for basic EPS		169,231		167,526		169,724
Weighted average common shares outstanding for diluted EPS^{(1) (2)}		169,460		167,771		170,100
Income per common share – basic	$	0.27	$	1.43		1.47
Income per common share – diluted	$	0.26	$	1.43		1.46

⁽¹⁾

Includes the dilutive impact of unvested restricted stock.

⁽²⁾

Using the treasury stock method, 2019 weighted average common shares outstanding for basic and diluted earnings per share exclude 1.9 million shares issuable under the forward ATM equity offering as they would be anti-dilutive. These shares are included in 2020 weighted average common shares outstanding as they were settled in March 2020.

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, 2020, 2019, and 2018, were 765,046, 464,286, and 349,902, 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)	2020		2019		2018
Numerator:
Income attributable to common unit holders - basic	$	45,092	$	240,064		249,652
Income attributable to common unit holders - diluted	$	45,092	$	240,064		249,652
Denominator:
Weighted average common units outstanding for basic EPU		169,997		167,990		170,074
Weighted average common units outstanding for diluted EPU^{(1) (2)}		170,225		168,235		170,450
Income per common unit – basic	$	0.27	$	1.43		1.47
Income per common unit – diluted	$	0.26	$	1.43		1.46

⁽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 exclude 1.9 million shares issuable under the forward ATM equity offering outstanding during 2019 as they would be anti-dilutive.