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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 From time to time, we enter into forward equity sales agreements, which are discussed in Note 13 – “Stockholders’ equity” to our unaudited consolidated financial statements. We consider the potential dilution resulting from the forward equity sales agreements on the EPS calculations. At inception, the agreements do not have an effect on the computation of basic EPS as no shares are delivered until settlement. The common shares issued upon the settlement of the forward equity sales agreements, weighted for the period these common shares were outstanding, are included in the denominator of basic EPS. To determine the dilution resulting from the forward equity sales agreements during the period of time prior to settlement, we calculate the number of weighted-average shares outstanding – diluted using the treasury stock method. We account for unvested restricted stock awards that contain nonforfeitable rights to dividends as participating securities and include these securities in the computation of EPS using the two-class method. Our forward equity sales agreements are not participating securities and are therefore not included in the computation of EPS using the two-class method. Under the two-class method, we allocate net income (after amounts attributable to noncontrolling interests) to common stockholders and unvested restricted stock awards by using the weighted-average shares of each class outstanding for quarter-to-date and year-to-date periods independently, based on their respective participation rights to dividends declared (or accumulated) and undistributed earnings. The table below reconciles the numerators and denominators of the basic and diluted EPS computations for the three and nine months ended September 30, 2023 and 2022 (in thousands, except per share amounts):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Net income | $ | 68,254 |  |  | $ | 383,443 |  |  | $ | 323,652 |  |  | $ | 575,433 |
Net income attributable to noncontrolling interests | (43,985) |  |  | (38,747) |  |  | (131,584) |  |  | (108,092) |
Net income attributable to unvested restricted stock awards | (2,414) |  |  | (3,257) |  |  | (7,697) |  |  | (5,866) |
Numerator for basic and diluted EPS – net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders | $ | 21,855 |  |  | $ | 341,439 |  |  | $ | 184,371 |  |  | $ | 461,475 |
Denominator for basic EPS – weighted-average shares of common stock outstanding | 170,890 |  |  | 161,554 |  |  | 170,846 |  |  | 160,400 |
Dilutive effect of forward equity sales agreements | — |  |  | — |  |  | — |  |  | — |
Denominator for diluted EPS – weighted-average shares of common stock outstanding | 170,890 |  |  | 161,554 |  |  | 170,846 |  |  | 160,400 |
Net income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: |  |  |  |  |  |  |
Basic | $ | 0.13 |  |  | $ | 2.11 |  |  | $ | 1.08 |  |  | $ | 2.88 |
Diluted | $ | 0.13 |  |  | $ | 2.11 |  |  | $ | 1.08 |  |  | $ | 2.88 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-3 + Details
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