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Earnings Per Share | 6 Months Ended
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Jun. 30, 2020
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, excluding net income attributable to participating securities (unvested restricted stock awards). Diluted earnings per share reflects the additional dilution for all potentially dilutive securities such as stock options, unvested restricted shares, unvested performance-based restricted shares and the shares to be issued by us upon settlement of the June 2020 Forward Sale Agreement. The shares issuable upon settlement of the June 2020 Forward Sale Agreement, as described in Note 12 - Stockholders' Equity, are reflected in the diluted earnings per share calculations using the treasury stock method. Under this method, the number of shares of our common stock used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares of common stock that would be issued upon full physical settlement of the June 2020 Forward Sale Agreement over the number of shares of common stock that could be purchased by us in the market (based on the average market price during the period) using the proceeds receivable upon full physical settlement (based on the adjusted forward sales price at the end of the reporting period). If and when we physically or net share settle the June 2020 Forward Sale Agreement, the delivery of shares of common stock would result in an increase in the number of shares outstanding and dilution to earnings per share. The following tables reconcile the weighted-average shares of common stock outstanding used in the calculation of basic earnings per share to the weighted-average shares of common stock outstanding used in the calculation of diluted earnings per share:
| Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
(In thousands) | 2020 |  | 2019 |  | 2020 |  | 2019
Determination of shares: |  |  |  |  |  |  |
Weighted-average shares of common stock outstanding | 489,012 |  |  | 412,310 |  |  | 477,095 |  |  | 409,040 |
Assumed conversion of restricted stock (1) | 198 |  |  | 321 |  |  | 232 |  |  | 363 |
Assumed settlement of forward sale agreements | 3 |  |  | 190 |  |  | 4,326 |  |  | 70 |
Diluted weighted-average shares of common stock outstanding | 489,213 |  |  | 412,821 |  |  | 481,652 |  |  | 409,473 |
____________________ (1)For the three and six months ended June 30, 2020, certain unvested restricted shares and unvested performance-based restricted shares were excluded from the computation of diluted EPS because the effect of doing so was anti-dilutive.
| Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
(In thousands, except per share data) | 2020 |  | 2019 |  | 2020 |  | 2019
Basic: |  |  |  |  |  |  |
Net income attributable to common stockholders | $ | 229,402 |  |  | $ | 152,049 |  |  | $ | 205,390 |  |  | $ | 302,898 |
Weighted-average shares of common stock outstanding | 489,012 |  |  | 412,310 |  |  | 477,095 |  |  | 409,040 |
Basic EPS | $ | 0.47 |  |  | $ | 0.37 |  |  | $ | 0.43 |  |  | $ | 0.74 |
Diluted: |  |  |  |  |  |  |
Net income attributable to common stockholders | $ | 229,402 |  |  | $ | 152,049 |  |  | $ | 205,390 |  |  | $ | 302,898 |
Diluted weighted-average shares of common stock outstanding | 489,213 |  |  | 412,821 |  |  | 481,652 |  |  | 409,473 |
Diluted EPS | $ | 0.47 |  |  | $ | 0.37 |  |  | $ | 0.43 |  |  | $ | 0.74 |

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