Earnings Per Share

3 Months Ended

Mar. 31, 2021

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 March 2021 Forward Sale Agreements and the remaining shares under the June 2020 Forward Sale Agreement. The shares issuable upon settlement of the March 2021 Forward Sale Agreements and the remaining shares under the June 2020 Forward Sale Agreement, as described in Note 11 - 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 remaining shares under the March 2021 Forward Sale Agreements and 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 shares under the March 2021 Forward Sale Agreements and the remaining shares under 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 March 31,
(In thousands)	2021	2020
Determination of shares:
Weighted-average shares of common stock outstanding	536,481	465,177
Assumed conversion of restricted stock (1)	924	—
Assumed settlement of forward sale agreements (1)	7,397	—
Diluted weighted-average shares of common stock outstanding	544,802	465,177

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(1)For the three months ended March 31, 2020, any such amounts have been excluded from the diluted weighted average number of shares of common stock as we were in a net loss position and the effect of inclusion would have been anti-dilutive. Assuming we had net income, using the treasury stock method, the assumed conversion of our restricted stock would have been in the amount of 83,367 shares and the assumed settlement of the March 2021 Forward Sale Agreements and June 2020 Forward Sale Agreement would have been in the amount of 10,291,832 shares.


	Three Months Ended March 31,
(In thousands, except per share data)	2021		2020
Basic:
Net income (loss) attributable to common stockholders	$	269,801	$	(24,012)
Weighted-average shares of common stock outstanding	536,481		465,177
Basic EPS	$	0.50	$	(0.05)

Diluted:
Net income (loss) attributable to common stockholders	$	269,801	$	(24,012)
Diluted weighted-average shares of common stock outstanding	544,802		465,177
Diluted EPS	$	0.50	$	(0.05)