Earnings per Share

3 Months Ended

Mar. 31, 2024

Basic and diluted EPS are calculated as follows:


	For the Three Months Ended March 31,

	2024		2023
(in thousands, except share and per share data)
Numerator:
Net income available to common stockholders — basic and diluted	$	142,158	$	120,071

Denominator:
Weighted average common shares outstanding — basic	612,219,520		611,588,465
Effect of dilutive securities:
Incremental shares attributed to non-vested share-based awards	1,587,646		975,833
Weighted average common shares outstanding — diluted	613,807,166		612,564,298

Net income per common share — basic	$	0.23	$	0.20
Net income per common share — diluted	$	0.23	$	0.20

Incremental shares attributed to non-vested share-based awards are excluded from the computation of diluted EPS when they are anti-dilutive. For the three months ended March 31, 2024, 113,454 incremental shares attributed to non-vested share-based awards are excluded from the denominator because they are anti-dilutive. There were no such incremental shares for the three months ended March 31, 2023.

For the three months ended March 31, 2024 and 2023, 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.