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EARNINGS PER SHARE | 6 Months Ended
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Jun. 30, 2025
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | NOTE 15—EARNINGS PER SHARE The following table shows the amounts used in computing our basic and diluted earnings per share (in thousands, except per share amounts):
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Numerator for basic and diluted earnings per share: |  |  |  |  |  |  |
Net income | $ | 71,462 |  |  | $ | 21,168 |  |  | $ | 119,818 |  |  | $ | 8,628 |
Net income attributable to noncontrolling interests | 3,198 |  |  | 1,781 |  |  | 4,686 |  |  | 3,553 |
Net income attributable to common stockholders | $ | 68,264 |  |  | $ | 19,387 |  |  | $ | 115,132 |  |  | $ | 5,075 |
Denominator: |  |  |  |  |  |  |
Denominator for basic earnings per share—weighted average shares | 452,583 |  |  | 408,097 |  |  | 446,314 |  |  | 405,747 |
Effect of dilutive securities: |  |  |  |  |  |  |
Restricted stock awards | 504 |  |  | 308 |  |  | 550 |  |  | 293 |
OP unitholder interests | 3,380 |  |  | 3,418 |  |  | 3,390 |  |  | 3,432 |
Exchangeable Notes | 2,535 |  |  | — |  |  | 2,378 |  |  | — |
Equity forward sales agreements | 86 |  |  | — |  |  | 368 |  |  | — |
Denominator for diluted earnings per share—adjusted weighted average shares | 459,088 |  |  | 411,823 |  |  | 453,000 |  |  | 409,472 |
Basic earnings per share: |  |  |  |  |  |  |
Net income | $ | 0.16 |  |  | $ | 0.05 |  |  | $ | 0.27 |  |  | $ | 0.02 |
Net income attributable to common stockholders | 0.15 |  |  | 0.05 |  |  | 0.26 |  |  | 0.01 |
Diluted earnings per share: |  |  |  |  |  |  |
Net income | $ | 0.16 |  |  | $ | 0.05 |  |  | $ | 0.26 |  |  | $ | 0.02 |
Net income attributable to common stockholders | 0.15 |  |  | 0.05 |  |  | 0.25 |  |  | 0.01 |
The dilutive effect of our Exchangeable Notes is calculated using the if-converted method in accordance with ASU 2020-06. We are required, pursuant to the indenture governing the Exchangeable Notes, to settle the aggregate principal amount of the Exchangeable Notes in cash and may elect to settle any remaining exchange obligation (i.e., the stock price in excess of the exchange obligation) in cash, shares of our common stock or a combination thereof. Under the if-converted method, we include the number of shares required to satisfy the exchange obligation, assuming all the Exchangeable Notes are exchanged. The average closing price of our common stock for the three and six months ended June 30, 2025 is used as the basis for determining the dilutive effect on earnings per share. The Exchangeable Notes were not included in the computation of diluted earnings per share for the three and six months ended June 30, 2024 as they were antidilutive. Our unsettled equity forward sales agreements do not impact basic earnings per share. We apply the treasury stock method to our unsettled equity forward sales agreements to determine their dilutive effect, if any. See “Note 14 – Stockholders' Equity.”

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