| Schedule of Computation of Basic and Diluted Earnings per Share |
The following tables set forth the computation of basic and diluted earnings per share: | | | | | | | | | | | | Year Ended December 31, | | | 2025 | | 2024 | | 2023 | | | | (in thousands, except per share amounts) | Numerator: | | | | | | | | | | Net income | | $ | 609,467 | | $ | 417,804 | | $ | 248,796 | Less: adjustments to basic numerator(1) | | | (37,437) | | | (11,478) | | | (6,616) | Net income available to common stockholders – basic | | $ | 572,030 | | $ | 406,326 | | $ | 242,180 | Add: net income attributable to OP Units | | | 19,356 | | | 12,060 | | | 7,077 | Net income available to common stockholders – diluted | | $ | 591,386 | | $ | 418,386 | | $ | 249,257 | Denominator: | | | | | | | | | | Denominator for basic earnings per share | | | 291,648 | | | 258,118 | | | 240,493 | Effect of dilutive securities: | | | | | | | | | | Common stock equivalents | | | 3,614 | | | 4,664 | | | 2,923 | Noncontrolling interest – Omega OP Units | | | 9,690 | | | 7,668 | | | 7,035 | Denominator for diluted earnings per share | | | 304,952 | | | 270,450 | | | 250,451 | | | | | | | | | | | Earnings per share – basic: | | | | | | | | | | Net income available to common stockholders | | $ | 1.96 | | $ | 1.57 | | $ | 1.01 | Earnings per share – diluted: | | | | | | | | | | Net income available to common stockholders | | $ | 1.94 | | $ | 1.55 | | $ | 1.00 |
| (1) | Includes adjustments to remove income related to non-controlling interests and participating shares including time-based and performance-based PIUs and time-based and performance-based RSUs. |
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