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Earnings per Share / Unit | 6 Months Ended
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Jun. 30, 2023
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 six months ended June 30, 2023 and 2022 (amounts in thousands, except share and per share data):
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Numerator: |  |  |  |  |  |  |
Net income | $ | 115,414 |  |  | $ | 74,555 |  |  | $ | 253,113 |  |  | $ | 144,569 |
Less: |  |  |  |  |  |  |
Noncontrolling interest | 13,899 |  |  | 8,343 |  |  | 30,647 |  |  | 16,655 |
Dividends on preferred shares | 3,486 |  |  | 4,346 |  |  | 6,972 |  |  | 10,109 |
Redemption of perpetual preferred shares | — |  |  | 5,276 |  |  | — |  |  | 5,276 |
Allocation to participating securities (1) | 288 |  |  | 198 |  |  | 633 |  |  | 395 |
Numerator for income per common share–basic and diluted | $ | 97,741 |  |  | $ | 56,392 |  |  | $ | 214,861 |  |  | $ | 112,134 |
Denominator: |  |  |  |  |  |  |
Weighted-average common shares outstanding–basic | 362,148,911 |  |  | 348,484,158 |  |  | 361,267,035 |  |  | 347,123,576 |
Effect of dilutive securities: |  |  |  |  |  |  |
Share-based compensation plan and forward sale equity contracts (2) | 331,031 |  |  | 518,466 |  |  | 326,139 |  |  | 628,382 |
Weighted-average common shares outstanding–diluted (3) | 362,479,942 |  |  | 349,002,624 |  |  | 361,593,174 |  |  | 347,751,958 |
Net income per common share: |  |  |  |  |  |  |
Basic | $ | 0.27 |  |  | $ | 0.16 |  |  | $ | 0.59 |  |  | $ | 0.32 |
Diluted | $ | 0.27 |  |  | $ | 0.16 |  |  | $ | 0.59 |  |  | $ | 0.32 |
(1)Unvested RSUs 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 for the three and six months ended June 30, 2023 and 2022 and the dilutive effect of forward sale equity contracts under the treasury stock method for the three and six months ended June 30, 2022 (see Note 10. Shareholders’ Equity / Partners’ Capital). (3)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 six months ended June 30, 2023 and 2022 (amounts in thousands, except unit and per unit data):
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Numerator: |  |  |  |  |  |  |
Net income | $ | 115,414 |  |  | $ | 74,555 |  |  | $ | 253,113 |  |  | $ | 144,569 |
Less: |  |  |  |  |  |  |
Preferred distributions | 3,486 |  |  | 4,346 |  |  | 6,972 |  |  | 10,109 |
Redemption of perpetual preferred units | — |  |  | 5,276 |  |  | — |  |  | 5,276 |
Allocation to participating securities (1) | 288 |  |  | 198 |  |  | 633 |  |  | 395 |
Numerator for income per common unit–basic and diluted | $ | 111,640 |  |  | $ | 64,735 |  |  | $ | 245,508 |  |  | $ | 128,789 |
Denominator: |  |  |  |  |  |  |
Weighted-average common units outstanding–basic | 413,525,891 |  |  | 399,861,138 |  |  | 412,644,015 |  |  | 398,500,556 |
Effect of dilutive securities: |  |  |  |  |  |  |
Share-based compensation plan and forward sale equity contracts (2) | 331,031 |  |  | 518,466 |  |  | 326,139 |  |  | 628,382 |
Weighted-average common units outstanding–diluted | 413,856,922 |  |  | 400,379,604 |  |  | 412,970,154 |  |  | 399,128,938 |
Net income per common unit: |  |  |  |  |  |  |
Basic | $ | 0.27 |  |  | $ | 0.16 |  |  | $ | 0.59 |  |  | $ | 0.32 |
Diluted | $ | 0.27 |  |  | $ | 0.16 |  |  | $ | 0.59 |  |  | $ | 0.32 |
(1)Unvested RSUs 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 unit using the two-class method. (2)Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options for the three and six months ended June 30, 2023 and 2022 and the dilutive effect of forward sale equity contracts under the treasury stock method for the three and six months ended June 30, 2022 (see Note 10. Shareholders’ Equity / Partners’ Capital).

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