| Schedule of Computation of Basic and Diluted Earnings Per Common Share of Common Stock |
The computation of basic and diluted earnings per common share of our common stock is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2025 | | 2024 | | 2025 | | 2024 | | Numerator: | (in millions, except share and per share data) | Net income (loss) attributable to controlling stockholders and participating securities | $ | 98.4 | | | $ | 26.5 | | | $ | 155.1 | | | $ | 149.6 | | Less: Dividends and distributions on participating securities | (0.5) | | | (0.3) | | | (1.0) | | | (0.8) | | | Less: Undistributed earnings attributable to participating securities | (0.4) | | | — | | | (0.5) | | | (0.4) | | | Net income (loss) attributable to controlling stockholders — basic | 97.5 | | | 26.2 | | | 153.6 | | | 148.4 | | | Add: Interest expense related to Convertible Notes under the if-converted method | 3.5 | | | — | | | 8.0 | | | 12.5 | | | Add: Undistributed earnings attributable to participating securities | 0.4 | | | — | | | 0.5 | | | 0.4 | | | Net income (loss) attributable to controlling stockholders — dilutive | $ | 101.4 | | | $ | 26.2 | | | $ | 162.1 | | | $ | 161.3 | | | | | | | | | | | Denominator: | | | | | | | | | Weighted-average number of common shares — basic | 121,515,164 | | | 114,329,692 | | | 120,454,366 | | | 113,473,750 | | | Weighted-average number of common shares — diluted | 137,740,850 | | | 114,433,285 | | | 137,830,564 | | | 131,922,504 | | | Basic earnings per common share | $ | 0.80 | | | $ | 0.23 | | | $ | 1.28 | | | $ | 1.31 | | | Diluted earnings per common share | $ | 0.74 | | | $ | 0.23 | | | $ | 1.18 | | | $ | 1.22 | | | | | | | | | | | Securities being allocated a portion of earnings: | | | | | | | | | Weighted-average number of OP units | 1,794,515 | | | 1,529,282 | | | 1,621,906 | | | 1,461,584 | | | | | | | | | | | As of June 30, | | | | | | 2025 | | 2024 | | | | | | Participating securities: | | | | | | | | | Unvested restricted common stock and unvested LTIP Units with time-based vesting conditions outstanding at period end | 1,081,522 | | | 858,423 | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2025 | | 2024 | | 2025 | | 2024 | | Potentially dilutive securities as of period end that were not dilutive for the presented periods: | Unvested restricted common stock and unvested LTIP Units with time-based vesting conditions | 1,081,522 | | | 858,423 | | | 1,081,522 | | | 858,423 | | | Restricted stock units | — | | | 20,926 | | | — | | | 20,926 | | | LTIP Units with market-based vesting conditions | 119,735 | | | 253,574 | | | 119,735 | | | 253,574 | | LTIP Units with performance-based vesting conditions | 247,761 | | | — | | | 247,761 | | | — | | | Potential shares of common stock related to Convertible Notes | — | | | 18,397,237 | | | — | | | — | |
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