Earnings Per Share

6 Months Ended

Jun. 30, 2020

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

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(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