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Earnings Per Common Share | 6 Months Ended
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Jun. 30, 2024
Earnings Per Share [Abstract] |
Earnings Per Common Share | EARNINGS PER COMMON SHARE Basic earnings per common share is computed using the two-class method by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding during the period. All outstanding unvested restricted stock awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common stockholders; accordingly, they are considered participating securities that are included in the two-class method. Diluted earnings per common share measures the performance of the Company over the reporting period while giving effect to all potential common shares that were dilutive and outstanding during the period. The denominator includes the weighted average number of basic shares and the number of additional common shares that would have been outstanding if the potential common shares that were dilutive had been issued, and is calculated using either the two-class, treasury stock or as if-converted method, whichever is most dilutive. Potential common shares are securities (such as options, Series A Participating Redeemable Preferred Units (“Series A Units”), Series B Redeemable Preferred Units (“Series B Units”), Series D Redeemable Preferred Units (“Series D Units” and, together with the Series A Units and Series B Units, the “Preferred OP Units”) and common Operating Partnership units (“OP Units”)) that do not have a current right to participate in earnings of the Company but could do so in the future by virtue of their option, redemption or conversion right. In computing the dilutive effect of convertible securities, net income is adjusted to add back any changes in earnings in the period associated with the convertible security. The numerator also is adjusted for the effects of any other non-discretionary changes in income or loss that would result from the assumed conversion of those potential common shares. In computing diluted earnings per common share, only potential common shares that are dilutive (i.e. those that reduce earnings per common share) are included. For the purposes of computing the diluted impact of the potential exchange of the Preferred Operating Partnership units for common shares upon redemption, where the Company has the option to redeem in cash or shares and where the Company has stated the intent and ability to settle the redemption in shares, the Company divided the total value of the Preferred Operating Partnership units by the average share price for the period presented. The average share price for the three months ended June 30, 2024 and 2023 was $145.78 and $150.45, respectively. The following table presents the number of Common and Preferred Operating Partnership units as if converted into potential common shares that were excluded from the computation of earnings per share as their effect would have been anti-dilutive.
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30, |  |
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |  |
| Equivalent Shares (if converted) |  | Equivalent Shares (if converted) |  | Equivalent Shares (if converted) |  | Equivalent Shares (if converted) |  |  |  |
Common OP Units | 8,621,889 |  |  | — |  |  | — |  |  | — |  |  |  |  |
Series B Units | 230,266 |  |  | 223,118 |  |  | 230,250 |  |  | 218,259 |  |  |  |  |
Series D Units | 1,160,861 |  |  | — |  |  | 1,216,866 |  |  | — |  |  |  |  |
| 10,013,016 |  |  | 223,118 |  |  | 1,447,116 |  |  | 218,259 |  |  |  |  |
The computation of earnings per common share is as follows for the periods presented:
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30, |  |
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |  |
Net income attributable to common stockholders | $ | 185,872 |  |  | $ | 202,410 |  |  | $ | 398,984 |  |  | $ | 398,714 |  |  |  |  |
Earnings and dividends allocated to participating securities | (396) |  |  | (323) |  |  | (750) |  |  | (627) |  |  |  |  |
Earnings for basic computations | 185,476 |  |  | 202,087 |  |  | 398,234 |  |  | 398,087 |  |  |  |  |
Earnings and dividends allocated to participating securities | — |  |  | 323 |  |  | — |  |  | 627 |  |  |  |  |
Income allocated to noncontrolling interest - Preferred Operating Partnership Units and Operating Partnership Units | — |  |  | 12,441 |  |  | 16,336 |  |  | 24,569 |  |  |  |  |
Net income for diluted computations | $ | 185,476 |  |  | $ | 214,851 |  |  | $ | 414,570 |  |  | $ | 423,283 |  |  |  |  |
Weighted average common shares outstanding: |  |  |  |  |  |  |  |  |  |  |
Average number of common shares outstanding - basic | 211,584,155 |  |  | 134,832,232 |  |  | 211,433,877 |  |  | 134,672,672 |  |  |  |  |
OP Units | — |  |  | 7,214,649 |  |  | 8,676,813 |  |  | 7,214,649 |  |  |  |  |
Series D Units | — |  |  | 1,257,366 |  |  | — |  |  | 1,233,178 |  |  |  |  |
Unvested restricted stock awards included for treasury stock method | — |  |  | 221,380 |  |  | — |  |  | 212,723 |  |  |  |  |
Shares related to dilutive stock options | 2,950 |  |  | 4,190 |  |  | 3,326 |  |  | 4,300 |  |  |  |  |
Average number of common shares outstanding - diluted | 211,587,105 |  |  | 143,529,817 |  |  | 220,114,016 |  |  | 143,337,522 |  |  |  |  |
Earnings per common share |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 0.88 |  |  | $ | 1.50 |  |  | $ | 1.88 |  |  | $ | 2.96 |  |  |  |  |
Diluted | $ | 0.88 |  |  | $ | 1.50 |  |  | $ | 1.88 |  |  | $ | 2.95 |  |  |  |  |

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