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Earnings Per Share / Common Unit
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share / Common Unit
13. Earnings Per Share / Common Unit
The following table provides a reconciliation of both the net income attributable to BXP, Inc. and net income attributable to Boston Properties Limited Partnership and the number of common shares / units used in the computation of basic EPS, which is calculated by dividing net income attributable to BXP, Inc. or net income attributable to Boston Properties Limited Partnership by the weighted-average number of common shares / units outstanding during the period.
Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are also participating securities. As such, unvested restricted common stock of BXP and BPLP’s LTIP Units, 2012 OPP Units and MYLTIP Units are considered participating securities. Participating securities are included in the computation of basic EPS using the two-class method. Participating securities are included in the computation of diluted EPS using the if-converted method if the impact is dilutive. Because the 2012 OPP Units and 2013 - 2022 MYLTIP Units required, and the 2023 - 2025 MYLTIP Units and 2025 OPP Units require, the Company to outperform certain performance thresholds, unless such thresholds have been met by the end of the applicable reporting period, the Company excludes such units from the diluted EPS calculation. Other potentially dilutive common shares, including restricted stock and other securities of BPLP that are exchangeable for BXP’s Common Stock (See Note 2), and the related impact on earnings, are considered when calculating diluted EPS.
The following tables calculate BXP and BPLP’s earnings per share / unit for the years ended December 31, 2025, 2024 and 2023.
BXP
Year ended December 31,
202520242023
Computation of Basic and Diluted Earnings Per Share:(amounts presented in thousands, except per share data)
Net income attributable to BXP, Inc. $276,800 $14,272 $190,215 
Allocation of undistributed earnings to participating securities
— — — 
Net income attributable to BXP, Inc.- basic 276,800 14,272 190,215 
Effect of Dilutive Securities:
Stock Based Compensation
— — — 
Net income attributable to BXP, Inc. - diluted$276,800 $14,272 $190,215 
Weighted average common shares outstanding 158,330 157,468 156,863 
Allocation of undistributed earnings to participating securities
— — — 
Weighted average common shares outstanding - basic158,330 157,468 156,863 
Effect of Dilutive Securities:
Stock Based Compensation (1)539 325 338 
Weighted average common shares outstanding - diluted158,869 157,793 157,201 
Net income attributable to BXP, Inc. - basic earnings per share$1.75 $0.09 $1.21 
Net income attributable to BXP, Inc. - diluted earnings per share$1.74 $0.09 $1.21 
_______________
(1)During the years ended December 31, 2025, 2024 and 2023, there were approximately 653,343, 184,203 and 709,175 unvested performance-based Restricted Stock and LTIP Units, respectively, that were not included in the computation of diluted earnings per share because to do so would have been antidilutive for the period.
BPLP
Year ended December 31,
202520242023
Computation of Basic and Diluted Earnings Per Unit:(amounts presented in thousands, except per unit data)
Net income attributable to Boston Properties Limited Partnership$321,104 $23,480 $219,771 
Allocation of undistributed earnings to participating securities
— — — 
Net income attributable to Boston Properties Limited Partnership - basic321,104 23,480 219,771 
Effect of Dilutive Securities:
Stock Based Compensation
— — — 
Net income attributable to Boston Properties Limited Partnership - diluted$321,104 $23,480 $219,771 
Weighted average common units outstanding 175,858 175,390 174,796 
Allocation of undistributed earnings to participating securities
— — — 
Weighted average common units outstanding - basic175,858 175,390 174,796 
Effect of Dilutive Securities:
Stock Based Compensation (1)539 325 338 
Weighted average common units outstanding - diluted176,397 175,715 175,134 
Net income attributable to Boston Properties Limited Partnership basic earnings per unit$1.83 $0.13 $1.26 
Net income attributable to Boston Properties Limited Partnership diluted earnings per unit$1.82 $0.13 $1.25 
Redeemable common units included in weighted average common units17,528 17,922 17,933 
_______________
(1)During the years ended December 31, 2025, 2024 and 2023, there were approximately 653,343, 184,203 and 709,175 unvested performance-based Restricted Stock and LTIP Units, respectively, that were not included in the computation of diluted earnings per unit because to do so would have been antidilutive for the period.