Earnings Per Share

9 Months Ended

Sep. 30, 2023

Basic EPS is calculated by dividing net income available to common stockholders by the weighted-average number of common shares outstanding. Diluted EPS is calculated by dividing net income available to common stockholders that has been adjusted for dilutive securities, by the weighted-average number of common shares outstanding including dilutive securities.

Unvested share-based awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of EPS pursuant to the two-class method. Accordingly, distributed and undistributed earnings attributable to unvested share-based compensation (participating securities) have been excluded, as applicable, from net income or loss available to common stockholders used in the basic and diluted EPS calculations.

The following is a reconciliation of the calculation of basic and diluted EPS (in thousands, except share and per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		6	2022
Numerator:
Net income attributable to common stockholders	$	24,818	$	26,002	$	68,031		$	83,639
Dividends declared on unvested share-based compensation	—		—		—			—
Net income available to common stockholders	$	24,818	$	26,002	$	68,031		$	83,639
Denominator:
Weighted-average number of common shares outstanding—basic	211,490,571		212,878,364		211,525,596			212,736,133
Effect of dilutive securities:
Unvested restricted common stock	359,711		350,528		278,217			286,651

Shares related to unvested PSUs	354,707		428,481		325,899			436,570
Weighted-average number of common shares outstanding—diluted	212,204,989		213,657,373		212,129,712			213,459,354
Earnings per share:
Earnings per share available to common stockholders—basic	$	0.12	$	0.12	$	0.32		$	0.39
Earnings per share available to common stockholders—diluted	$	0.12	$	0.12	$	0.32		$	0.39

The common OP units held by the noncontrolling interest holders have been excluded from the denominator of the diluted EPS calculation as there would be no effect on the amounts since the common OP units' share of income or loss would also be added or subtracted to derive net income available to common stockholders.