Earnings Per Share and Earnings Per Unit (Tables)

6 Months Ended

Jun. 30, 2022

Schedule of Weighted Average 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)	2022	2021	2022	2021
Determination of shares:
Weighted-average shares of common stock outstanding	896,546	536,692	791,030	536,587
Assumed conversion of restricted stock (1)	—	944	699	934
Assumed settlement of forward sale agreements	—	16,803	1,496	12,100
Diluted weighted-average shares of common stock outstanding	896,546	554,439	793,225	549,621


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except per share data)	2022		2021		2022		2021
Basic:
Net income attributable to common stockholders	$	(57,706)	$	300,709	$	182,677	$	570,510
Weighted-average shares of common stock outstanding	896,546		536,692		791,030		536,587
Basic EPS	$	(0.06)	$	0.56	$	0.23	$	1.06

Diluted:
Net income attributable to common stockholders	$	(57,706)	$	300,709	$	182,677	$	570,510
Diluted weighted-average shares of common stock outstanding	896,546		554,439		793,225		549,621
Diluted EPS	$	(0.06)	$	0.54	$	0.23	$	1.04

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(1)For the three months ended June 30, 2022, 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 for the quarter, using the treasury stock method, the assumed conversion of our restricted stock would have been in the amount of 816,708 shares.

The following tables reconcile the weighted-average units outstanding used in the calculation of basic EPU to the weighted-average units outstanding used in the calculation of diluted EPU:


	Three Months Ended June 30,		Six Months Ended June 30,
(In thousands)	2022	2021	2022	2021
Determination of units:
Weighted-average units outstanding	905,014	536,692	795,287	536,587
Assumed conversion of VICI restricted stock (1)	—	944	699	934
Assumed settlement of VICI forward sale agreements	—	16,803	1,496	12,100
Diluted weighted-average units outstanding	905,014	554,439	797,482	549,621


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except per share data)	2022		2021		2022		2021
Basic:
Net (loss) income attributable to partners	$	(63,035)	$	298,889	$	175,312	$	567,482
Weighted-average units outstanding	905,014		536,692		795,287		536,587
Basic EPU	$	(0.07)	$	0.56	$	0.22	$	1.06

Diluted:
Net (loss) income attributable to partners	$	(63,035)	$	298,889	$	175,312	$	567,482
Weighted-average units outstanding	905,014		554,439		797,482		549,621
Diluted EPU	$	(0.07)	$	0.54	$	0.22	$	1.03

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(1)For the three months ended June 30, 2022, any such amounts have been excluded from the diluted weighted average number of units as we were in a net loss position and the effect of inclusion would have been anti-dilutive. Assuming we had net income for the quarter, using the treasury stock method, the assumed conversion of VICI restricted stock to units would have been in the amount of 816,708 shares.