v3.25.2
Net Income Per Share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Net Income Per Share Net Income Per Share
The Company computes net income per share pursuant to the guidance in FASB ASC Topic 260, Earnings Per Share. The guidance requires the classification of the Company’s unvested restricted common stock and units,
which contain rights to receive non-forfeitable dividends or dividend equivalents, as participating securities requiring the two-class method of computing net income per share. Diluted net income per share of common stock further considers the effect of potentially dilutive shares of common stock outstanding during the period, including the assumed vesting of RSUs and LTIP Units with a market-based or service-based vesting condition, where dilutive. The OP Units held by non-controlling interests represent potentially dilutive securities as the OP Units may be redeemed for cash or, at the Company’s election, exchanged for shares of the Company’s common stock on a one-for-one basis.
The following is a reconciliation of the numerator and denominator used in the computation of basic and diluted net income per share (dollars in thousands):
Three months ended June 30,Six months ended June 30,
(dollar amounts in thousands)2025202420252024
Numerator for basic and diluted net income per share:
Net income$63,370 $51,676 $119,651 $98,798 
Less: net income attributable to non-controlling interests(158)(159)(331)(307)
Less: net income allocated to unvested RSUs and LTIP Units(229)(118)(455)(234)
Net income available for common stockholders: basic62,983 51,399 118,865 98,257 
Net income attributable to non-controlling interests158 159 331 307 
Net income available for common stockholders: diluted$63,141 $51,558 $119,196 $98,564 
Denominator for basic and diluted net income per share:
Weighted average shares outstanding used in basic net income per share197,551,003 175,319,270 193,030,913 171,304,986 
Effects of dilutive securities: (1)
OP Units553,847 553,847 553,847 553,847 
Unvested RSUs and LTIP Units913,324 806,885 867,491 676,085 
Forward sales614,137 903,987 865,427 684,377 
Weighted average shares outstanding used in diluted net income per share199,632,311 177,583,989 195,317,678 173,219,295 
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(1)The three months ended June 30, 2025 and 2024, respectively, exclude the impact of 151,652 and 11,023 unvested RSUs, unvested LTIP Units and unsettled forward equity sales, as the effect would have been antidilutive. The six months ended June 30, 2025 and 2024, respectively, exclude the impact of 128,621 and 6,595 unvested RSUs, unvested LTIP Units and unsettled forward equity sales, as the effect would have been antidilutive.