Earnings Per Share and Per Unit

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share and Per Unit

Earnings Per Share and Per Unit

The following table sets forth the computation of basic and diluted earnings per share of the Company:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Earnings per Common Share - basic:
Numerator:
Net income	$	64,770	$	43,870	$	91,983	$	88,824
Net (income) attributable to noncontrolling interests in the Operating Partnership	(1,281)		(947)		(1,814)		(1,933)
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates	2		(4)		7		483
Dividends on Preferred Stock	(621)		(621)		(1,242)		(1,242)
Net income available for common stockholders	$	62,870	$	42,298	$	88,934	$	86,132
Denominator:
Denominator for basic earnings per Common Share – weighted average shares (1)	105,996		105,457		105,900		105,373
Net income available for common stockholders	$	0.59	$	0.40	$	0.84	$	0.82
Earnings per Common Share - diluted:
Numerator:
Net income	$	64,770	$	43,870	$	91,983	$	88,824
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates	2		(4)		7		483
Dividends on Preferred Stock	(621)		(621)		(1,242)		(1,242)
Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership	$	64,151	$	43,245	$	90,748	$	88,065
Denominator:
Denominator for basic earnings per Common Share – weighted average shares (1)	105,996		105,457		105,900		105,373
Add:
Noncontrolling interests Common Units	2,151		2,351		2,153		2,355
Denominator for diluted earnings per Common Share – adjusted weighted average shares and assumed conversions	108,147		107,808		108,053		107,728
Net income available for common stockholders	$	0.59	$	0.40	$	0.84	$	0.82

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(1)Includes all unvested restricted stock where dividends on such restricted stock are non-forfeitable.

The following table sets forth the computation of basic and diluted earnings per unit of the Operating Partnership:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Earnings per Common Unit - basic:
Numerator:
Net income	$	64,770	$	43,870	$	91,983	$	88,824
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates	2		(4)		7		483
Distributions on Preferred Units	(621)		(621)		(1,242)		(1,242)
Net income available for common unitholders	$	64,151	$	43,245	$	90,748	$	88,065
Denominator:
Denominator for basic earnings per Common Unit – weighted average units (1)	107,738		107,399		107,644		107,319
Net income available for common unitholders	$	0.60	$	0.40	$	0.84	$	0.82
Earnings per Common Unit - diluted:
Numerator:
Net income	$	64,770	$	43,870	$	91,983	$	88,824
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates	2		(4)		7		483
Distributions on Preferred Units	(621)		(621)		(1,242)		(1,242)
Net income available for common unitholders	$	64,151	$	43,245	$	90,748	$	88,065
Denominator:
Denominator for basic earnings per Common Unit – weighted average units (1)	107,738		107,399		107,644		107,319
Net income available for common unitholders	$	0.60	$	0.40	$	0.84	$	0.82

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(1)Includes all unvested restricted stock where distributions on such restricted stock are non-forfeitable

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