Earnings Per Share and Earnings Per Unit

9 Months Ended

Sep. 30, 2024

Earnings Per Share And Earnings Per Unit

10.

Earnings Per Share and Earnings Per Unit

Equity Residential

The following tables set forth the computation of net income per share – basic and net income per share – diluted for the Company (amounts in thousands except per share amounts):


	Nine Months Ended September 30,						Quarter Ended September 30,
	2024			2023			2024			2023
Numerator for net income per share – basic:
Net income	$	637,104		$	546,219		$	148,517		$	181,286
Allocation to Noncontrolling Interests – Operating Partnership		(17,290	)		(17,174	)		(4,012	)		(5,561	)
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties		(3,098	)		(5,299	)		(1,059	)		(3,217	)
Preferred distributions		(1,258	)		(2,318	)		(356	)		(773	)
Premium on redemption of Preferred Shares		(1,444	)		—			—			—
Numerator for net income per share – basic	$	614,014		$	521,428		$	143,090		$	171,735
Numerator for net income per share – diluted:
Net income	$	637,104		$	546,219		$	148,517		$	181,286
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties		(3,098	)		(5,299	)		(1,059	)		(3,217	)
Preferred distributions		(1,258	)		(2,318	)		(356	)		(773	)
Premium on redemption of Preferred Shares		(1,444	)		—			—			—
Numerator for net income per share – diluted	$	631,304		$	538,602		$	147,102		$	177,296
Denominator for net income per share – basic and diluted:
Denominator for net income per share – basic		378,718			378,614			378,756			378,853
Effect of dilutive securities:
OP Units		10,661			11,377			10,623			11,234
Long-term compensation shares/units		1,309			1,144			1,647			1,264
Denominator for net income per share – diluted		390,688			391,135			391,026			391,351
Net income per share – basic	$	1.62		$	1.38		$	0.38		$	0.45
Net income per share – diluted	$	1.62		$	1.38		$	0.38		$	0.45

ERP Operating Limited Partnership

The following tables set forth the computation of net income per Unit – basic and net income per Unit – diluted for the Operating Partnership (amounts in thousands except per Unit amounts):


	Nine Months Ended September 30,						Quarter Ended September 30,
	2024			2023			2024			2023
Numerator for net income per Unit – basic and diluted:
Net income	$	637,104		$	546,219		$	148,517		$	181,286
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties		(3,098	)		(5,299	)		(1,059	)		(3,217	)
Allocation to Preference Units		(1,258	)		(2,318	)		(356	)		(773	)
Allocation to premium on redemption of Preference Units		(1,444	)		—			—			—
Numerator for net income per Unit – basic and diluted	$	631,304		$	538,602		$	147,102		$	177,296
Denominator for net income per Unit – basic and diluted:
Denominator for net income per Unit – basic		389,379			389,991			389,379			390,087
Effect of dilutive securities:
Dilution for Units issuable upon assumed exercise/vesting of the Company’s long-term compensation shares/units		1,309			1,144			1,647			1,264
Denominator for net income per Unit – diluted		390,688			391,135			391,026			391,351
Net income per Unit – basic	$	1.62		$	1.38		$	0.38		$	0.45
Net income per Unit – diluted	$	1.62		$	1.38		$	0.38		$	0.45