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Net Income Per Common Share and Net Income Per Common Unit | 12 Months Ended
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Dec. 31, 2022
Earnings Per Share [Abstract] |
Net Income Per Common Share and Net Income Per Common Unit | Net Income Per Common Share and Net Income Per Common Unit Essex Property Trust, Inc. Basic and diluted income per share is calculated as follows for the years ended December 31 ($ in thousands, except share and per share amounts):
| 2022 |  | 2021 |  | 2020
| Income |  | Weighted- average Common Shares |  | Per Common Share Amount |  | Income |  | Weighted- average Common Shares |  | Per Common Share Amount |  | Income |  | Weighted- average Common Shares |  | Per Common Share Amount
Basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income available to common stockholders | $ | 408,315 |  |  | 65,079,764 |  |  | $ | 6.27 |  |  | $ | 488,554 |  |  | 65,051,465 |  |  | $ | 7.51 |  |  | $ | 568,870 |  |  | 65,454,057 |  |  | $ | 8.69 |
Effect of Dilutive Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  |  | 18,422 |  |  |  |  | — |  |  | 37,409 |  |  |  |  | — |  |  | 16,678 |  |  |
DownREIT units | — |  |  | — |  |  |  |  | — |  |  | — |  |  |  |  | 783 |  |  | 94,247 |  |  |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income available to common stockholders | $ | 408,315 |  |  | 65,098,186 |  |  | $ | 6.27 |  |  | $ | 488,554 |  |  | 65,088,874 |  |  | $ | 7.51 |  |  | $ | 569,653 |  |  | 65,564,982 |  |  | $ | 8.69 |
The table above excludes from the calculations of diluted earnings per share weighted average convertible OP Units of 2,276,341, 2,289,391 and 2,296,608, which include vested Series Z-1 Incentive Units, 2014 Long-Term Incentive Plan Units, and 2015 Long-Term Incentive Plan Units, for the years ended December 31, 2022, 2021 and 2020, respectively, because they were anti-dilutive. The related income allocated to these convertible OP Units aggregated $14.3 million, $17.2 million and $20.0 million for the years ended December 31, 2022, 2021 and 2020, respectively. Stock options of 253,845, 116,380, and 403,458 for the years ended December 31, 2022, 2021, and 2020, respectively, were excluded from the calculation of diluted earnings per share because the assumed proceeds per share of such options plus the average unearned compensation were greater than the average market price of the common stock for the years ended and, therefore, were anti-dilutive. Essex Portfolio, L.P. Basic and diluted income per unit is calculated as follows for the years ended December 31 ($ in thousands, except unit and per unit amounts):
| 2022 |  | 2021 |  | 2020
| Income |  | Weighted- average Common Units |  | Per Common Unit Amount |  | Income |  | Weighted- average Common Units |  | Per Common Unit Amount |  | Income |  | Weighted- average Common Units |  | Per Common Unit Amount
Basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income available to common unitholders | $ | 422,612 |  |  | 67,356,105 |  |  | $ | 6.27 |  |  | $ | 505,745 |  |  | 67,340,856 |  |  | $ | 7.51 |  |  | $ | 588,782 |  |  | 67,750,665 |  |  | $ | 8.69 |
Effect of Dilutive Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock options | — |  |  | 18,422 |  |  |  |  | — |  |  | 37,409 |  |  |  |  | — |  |  | 16,678 |  |  |
DownREIT units | — |  |  | — |  |  |  |  | — |  |  | — |  |  |  |  | 783 |  |  | 94,247 |  |  |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income available to common unitholders | $ | 422,612 |  |  | 67,374,527 |  |  | $ | 6.27 |  |  | $ | 505,745 |  |  | 67,378,265 |  |  | $ | 7.51 |  |  | $ | 589,565 |  |  | 67,861,590 |  |  | $ | 8.69 |
Stock options of 253,845, 116,380, and 403,458, for the years ended December 31, 2022, 2021, and 2020, respectively, were excluded from the calculation of diluted earnings per unit because the assumed proceeds per unit of these options plus the average unearned compensation were greater than the average market price of the common unit for the years ended and, therefore, were anti-dilutive.

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