Earnings per Share

3 Months Ended

Mar. 31, 2023

Basic and diluted EPS are calculated as follows:


	For the Three Months Ended March 31,

	2023		2022
(in thousands, except share and per share data)
Numerator:
Net income available to common stockholders — basic and diluted	$	120,071	$	92,395

Denominator:
Weighted average common shares outstanding — basic	611,588,465		606,410,225
Effect of dilutive securities:
Incremental shares attributed to non-vested share-based awards	975,833		1,498,173
Weighted average common shares outstanding — diluted	612,564,298		607,908,398

Net income per common share — basic	$	0.20	$	0.15
Net income per common share — diluted	$	0.20	$	0.15

Incremental shares attributed to non-vested share-based awards are excluded from the computation of diluted EPS when they are anti-dilutive. Because their inclusion would have been anti-dilutive, 63,556 incremental shares attributed to non-vested share-based awards are excluded from the denominator for the three months ended March 31, 2022. There were no such incremental shares for the three months ended March 31, 2023.

For the three months ended March 31, 2023 and 2022, vested OP Units have been excluded from the computation of EPS because all income attributable to such vested OP Units has been recorded as non-controlling interest and thus excluded from net income available to common stockholders.

The outstanding balance of the 2022 Convertible Notes was settled in January 2022. For the three months ended March 31, 2022, using the “if-converted” method, 1,176,431 potential shares of common stock issuable upon the conversion of the 2022 Convertible Notes, are excluded from the computation of diluted EPS as they are anti-dilutive. Additionally, no adjustment to the numerator was required for interest expense related to the 2022 Convertible Notes for the three months ended March 31, 2022. See Note 7 for further discussion about the 2022 Convertible Notes.