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Earnings per Share | 9 Months Ended
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Sep. 30, 2023
Earnings Per Share [Abstract] |
Earnings per Share | Earnings per Share Basic and diluted EPS are calculated as follows:
|  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30, |  |
|  | 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |  |  |  |
(in thousands, except share and per share data) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income available to common stockholders — basic and diluted |  | $ | 131,637 |  |  | $ | 79,032 |  |  | $ | 389,406 |  |  | $ | 282,242 |  |  |  |  |  |  |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding — basic |  | 612,000,811 |  |  | 610,845,820 |  |  | 611,849,302 |  |  | 609,212,132 |  |  |  |  |  |  |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Incremental shares attributed to non-vested share-based awards |  | 1,579,231 |  |  | 1,801,768 |  |  | 1,305,739 |  |  | 1,529,591 |  |  |  |  |  |  |
Weighted average common shares outstanding — diluted |  | 613,580,042 |  |  | 612,647,588 |  |  | 613,155,041 |  |  | 610,741,723 |  |  |  |  |  |  |
Net income per common share — basic |  | $ | 0.22 |  |  | $ | 0.13 |  |  | $ | 0.64 |  |  | $ | 0.46 |  |  |  |  |  |  |
Net income per common share — diluted |  | $ | 0.21 |  |  | $ | 0.13 |  |  | $ | 0.64 |  |  | $ | 0.46 |  |  |  |  |  |  |
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, incremental shares attributed to non-vested share-based awards are excluded from the denominator. Anti-dilutive shares total 12,501 and zero for the three months ended September 30, 2023 and 2022, respectively, and 4,167 and 21,254 f or the nine months ended September 30, 2023 and 2022, respectively. For the three and nine months ended September 30, 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. As such, they had no effect on potential dilution for the three months ended September 30, 2022. For the nine months ended September 30, 2022, using the “if-converted” method, 387,834 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 and nine months ended September 30, 2022. See Note 7 for further discussion about the 2022 Convertible Notes.

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