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Earnings per Share / Unit | 9 Months Ended
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Sep. 30, 2019
Earnings Per Share [Abstract] |
Earnings per Share / Unit | Earnings per Share / Unit American Homes 4 Rent The following table reflects the Company’s computation of net income per common share on a basic and diluted basis for the three and nine months ended September 30, 2019 and 2018 (in thousands, except share and per share data):
| For the Three Months Ended |  | For the Nine Months Ended
| September 30, 2019 |  | September 30, 2018 |  | September 30, 2019 |  | September 30, 2018
Numerator: |  |  |  |  |  |  |  |  |  |  |
Net income | $ | 41,401 |  |  | $ | 30,281 |  |  | $ | 114,796 |  |  | $ | 77,704 |
Less: |  |  |  |  |  |  |
Noncontrolling interest | 4,099 |  |  | 2,881 |  |  | 11,129 |  |  | 845 |
Dividends on preferred shares | 13,782 |  |  | 12,223 |  |  | 41,346 |  |  | 38,804 |
Redemption of participating preferred shares | — |  |  | — |  |  | — |  |  | 32,215 |
Allocation to participating securities (1) | 48 |  |  | 20 |  |  | 122 |  |  | 66 |
Numerator for income per common share–basic and diluted | $ | 23,472 |  |  | $ | 15,157 |  |  | $ | 62,199 |  |  | $ | 5,774 |
Denominator: |  |  |  |  |  |  |
Weighted-average common shares outstanding–basic | 300,580,978 |  |  | 296,214,509 |  |  | 298,974,146 |  |  | 292,656,914 |
Effect of dilutive securities: |  |  |  |  |  |  |
Share-based compensation plan (2) | 451,877 |  |  | 753,140 |  |  | 505,088 |  |  | 662,331 |
Weighted-average common shares outstanding–diluted (3) | 301,032,855 |  |  | 296,967,649 |  |  | 299,479,234 |  |  | 293,319,245 |
Net income per common share: |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 0.08 |  |  | $ | 0.05 |  |  | $ | 0.21 |  |  | $ | 0.02 |
Diluted | $ | 0.08 |  |  | $ | 0.05 |  |  | $ | 0.21 |  |  | $ | 0.02 |
(1) | Unvested restricted stock units that have nonforfeitable rights to participate in dividends declared on common stock are accounted for as participating securities and reflected in the calculation of basic and diluted earnings per share using the two-class method.
(2) | Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options.
(3) | The computation of diluted earnings per share for the three months ended September 30, 2019 and 2018 excludes an aggregate of 159,599 and zero potentially dilutive securities, respectively, and for the nine months ended September 30, 2019 and 2018 excludes an aggregate of 155,179 and zero potentially dilutive securities, respectively, which include common shares issuable for unvested restricted stock units, because their effect would have been anti-dilutive to the respective periods. The effect of the potential conversion of OP units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Class A common shares on a one-for-one basis. The income allocable to the OP units is allocated on this same basis and reflected as noncontrolling interest in the accompanying condensed consolidated financial statements. As such, the assumed conversion of the OP units would have no net impact on the determination of diluted earnings per share.
American Homes 4 Rent, L.P. The following table reflects the Operating Partnership’s computation of net income per common unit on a basic and diluted basis for the three and nine months ended September 30, 2019 and 2018 (in thousands, except unit and per unit data):
| For the Three Months Ended |  | For the Nine Months Ended
| September 30, 2019 |  | September 30, 2018 |  | September 30, 2019 |  | September 30, 2018
Numerator: |  |  |  |  |  |  |  |  |  |  |
Net income | $ | 41,401 |  |  | $ | 30,281 |  |  | $ | 114,796 |  |  | $ | 77,704 |
Less: |  |  |  |  |  |  |
Noncontrolling interest | — |  |  | — |  |  | — |  |  | (259 | )
Preferred distributions | 13,782 |  |  | 12,223 |  |  | 41,346 |  |  | 38,804 |
Redemption of participating preferred units | — |  |  | — |  |  | — |  |  | 32,215 |
Allocation to participating securities (1) | 48 |  |  | 21 |  |  | 122 |  |  | 66 |
Numerator for income per common unit–basic and diluted | $ | 27,571 |  |  | $ | 18,037 |  |  | $ | 73,328 |  |  | $ | 6,878 |
Denominator: |  |  |  |  |  |  |
Weighted-average common units outstanding–basic | 352,714,480 |  |  | 351,564,662 |  |  | 352,362,220 |  |  | 348,007,067 |
Effect of dilutive securities: |  |  |  |  |  |  |
Share-based compensation plan (2) | 451,877 |  |  | 753,140 |  |  | 505,088 |  |  | 662,331 |
Weighted-average common units outstanding–diluted (3) | 353,166,357 |  |  | 352,317,802 |  |  | 352,867,308 |  |  | 348,669,398 |
Net income per common unit: |  |  |  |  |  |  |  |  |
Basic | $ | 0.08 |  |  | $ | 0.05 |  |  | $ | 0.21 |  |  | $ | 0.02 |
Diluted | $ | 0.08 |  |  | $ | 0.05 |  |  | $ | 0.21 |  |  | $ | 0.02 |
(1) | Unvested restricted stock units that have nonforfeitable rights to participate in dividends declared on common stock are accounted for as participating securities and reflected in the calculation of basic and diluted earnings per share using the two-class method.
(2) | Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options.
(3) The computation of diluted earnings per unit for the three months ended September 30, 2019 and 2018 excludes an aggregate of 159,599 and zero potentially dilutive securities, respectively, and for the nine months ended September 30, 2019 and 2018 excludes an aggregate of 155,179 and zero potentially dilutive securities, respectively, which include common units issuable for unvested restricted stock units, because their effect would have been anti-dilutive to the respective periods.

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