Earnings Per Share
The following is a reconciliation of the calculation of basic and diluted earnings per share (“EPS”):
 Years Ended December 31,
 202520242023
Numerator:  
Net income attributable to common stockholders (in thousands)$91,616 $38,230 $76,523 
Denominator:
Weighted-average number of common shares outstanding—basic206,226,487 210,286,342 211,518,826 
   Effect of dilutive securities:
Unvested restricted common stock221,609 152,158 340,981 
Shares related to unvested PSUs1,816,434 801,670 444,310 
Weighted-average number of common shares outstanding—diluted208,264,530 211,240,170 212,304,117 
Earnings per share:
Earnings per share available to common stockholders—basic$0.44 $0.18 $0.36 
Earnings per share available to common stockholders—diluted$0.44 $0.18 $0.36 

The common OP units held by the noncontrolling interest holders have been excluded from the denominator of the basic and 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.
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Historical Timeline

Fiscal YearFiled
2025Feb 27, 2026Showing above
2024Feb 28, 2025
2019Feb 28, 2020
2018Feb 27, 2019
2017Feb 27, 2018
2016Feb 27, 2017
2015Feb 29, 2016

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.