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Earnings per share (Notes) | 12 Months Ended
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Dec. 31, 2024
Earnings Per Share [Abstract] |
Earnings per share | We account for unvested restricted stock awards (“RSAs”) that contain nonforfeitable rights to dividends as participating securities and include these securities 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 RSAs with nonforfeitable rights to dividends 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. Unvested RSAs that contain forfeitable rights to dividends do not qualify as participating securities under the two-class method because the dividend rights are forfeited if the awards do not vest. As a result, undistributed earnings are not allocated to these awards prior to vesting, and these awards have no effect on the computation of basic EPS while unvested. Once these awards vest, they are included in the denominator of basic EPS, weighted for the portion of the reporting period they were vested. Prior to vesting, these awards are included in the denominator of diluted EPS if they are dilutive, which is determined using the treasury stock method. Under this method, incremental shares are calculated as the difference between the total unvested shares and the number of shares that could hypothetically be repurchased using the assumed proceeds (including unrecognized compensation cost related to these awards). These incremental shares are weighted for the portion of the reporting period they were unvested, and are included in the diluted EPS denominator only if their inclusion reduces EPS (i.e., if they are not antidilutive). In addition, from time to time, we enter into forward equity sales agreements, which are discussed in Note 15 – “Stockholders’ equity” to our 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. The table below reconciles the numerators and denominators of the basic and diluted EPS computations for the years ended December 31, 2024, 2023, and 2022 (in thousands, except per share amounts):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Net income | $510,733 |  | $280,994 |  | $670,701
Net income attributable to noncontrolling interests | (187,784) |  | (177,355) |  | (149,041)
Net income attributable to unvested RSAs with nonforfeitable rights to dividends | (13,394) |  | (11,195) |  | (8,392)
Numerator for basic and diluted EPS – net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders | $309,555 |  | $92,444 |  | $513,268
Denominator for basic EPS – weighted-average shares of common stock outstanding | 172,071 |  | 170,909 |  | 161,659
Dilutive effect of unvested RSAs with forfeitable rights to dividends | — |  | — |  | —
Dilutive effect of forward equity sales agreements | — |  | — |  | —
Denominator for diluted EPS – weighted-average shares of common stock outstanding | 172,071 |  | 170,909 |  | 161,659
Net income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: |  |  |  |  |
Basic | $1.80 |  | $0.54 |  | $3.18
Diluted | $1.80 |  | $0.54 |  | $3.18

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