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Net Income Per Common Share and Net Income Per Common Unit | 12 Months Ended
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Dec. 31, 2023
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):
| 2023 |  | 2022 |  | 2021
| 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 | $ | 405,825 |  |  | 64,252,232 |  |  | $ | 6.32 |  |  | $ | 408,315 |  |  | 65,079,764 |  |  | $ | 6.27 |  |  | $ | 488,554 |  |  | 65,051,465 |  |  | $ | 7.51 |
Effect of dilutive securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock options | — |  |  | 1,153 |  |  |  |  | — |  |  | 18,422 |  |  |  |  | — |  |  | 37,409 |  |  |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income available to common stockholders | $ | 405,825 |  |  | 64,253,385 |  |  | $ | 6.32 |  |  | $ | 408,315 |  |  | 65,098,186 |  |  | $ | 6.27 |  |  | $ | 488,554 |  |  | 65,088,874 |  |  | $ | 7.51 |
The table above excludes from the calculations of diluted earnings per share weighted average convertible OP Units of 2,261,071, 2,276,341 and 2,289,391, which include 2014 Long-Term Incentive Plan Units and 2015 Long-Term Incentive Plan Units, for the years ended December 31, 2023, 2022 and 2021, respectively, because they were anti-dilutive. The related income allocated to these convertible OP Units aggregated $14.3 million, $14.3 million and $17.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. Stock options of 508,276, 253,845, and 116,380 for the years ended December 31, 2023, 2022, and 2021, respectively, were excluded from the calculation of diluted earnings per share because the assumed proceeds per share of such options plus the average unearned compensation were greater than the average market price of the common stock for the years ended and, therefore, were anti-dilutive. Essex Portfolio, L.P. Basic and diluted income per unit is calculated as follows for the years ended December 31 ($ in thousands, except unit and per unit amounts):
| 2023 |  | 2022 |  | 2021
| 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 | $ | 420,109 |  |  | 66,513,303 |  |  | $ | 6.32 |  |  | $ | 422,612 |  |  | 67,356,105 |  |  | $ | 6.27 |  |  | $ | 505,745 |  |  | 67,340,856 |  |  | $ | 7.51 |
Effect of dilutive securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock options | — |  |  | 1,153 |  |  |  |  | — |  |  | 18,422 |  |  |  |  | — |  |  | 37,409 |  |  |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income available to common unitholders | $ | 420,109 |  |  | 66,514,456 |  |  | $ | 6.32 |  |  | $ | 422,612 |  |  | 67,374,527 |  |  | $ | 6.27 |  |  | $ | 505,745 |  |  | 67,378,265 |  |  | $ | 7.51 |
Stock options of 508,276, 253,845, and 116,380, for the years ended December 31, 2023, 2022, and 2021, 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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