
	Year Ended December 31,
	2025		2024		2023
Numerator:
Net income	$	219,763	$	285,926	$	249,591
Less: Preferred stock dividends	(9,258)		(9,258)		(9,258)

Less: Net income attributable to noncontrolling interests	(7,734)		(12,124)		(11,575)
Less: Net income attributable to participating securities	(2,602)		(1,679)		(1,309)
Net income attributable to common stockholders	$	200,169	$	262,865	$	227,449

Denominator:
Weighted average shares of common stock outstanding - basic	232,477,754		218,279,597		202,883,704
Effect of dilutive securities	73,214		187,357		227,289
Weighted average shares of common stock outstanding - diluted	232,550,968		218,466,954		203,110,993

Earnings per share - Basic
Net income attributable to common stockholders	$	0.86	$	1.20	$	1.12
Earnings per share - Diluted
Net income attributable to common stockholders	$	0.86	$	1.20	$	1.12

Unvested share-based payment awards that contain non-forfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. As such, unvested shares of restricted stock, unvested LTIP Units and unvested Performance Units are considered participating securities. Participating securities are included in the computation of basic EPS pursuant to the two-class method. The two-class method determines EPS for each class of common stock and each participating security according to dividends declared (or accumulated) and their respective participation rights in undistributed earnings. Participating securities are also included in the computation of diluted EPS using the more dilutive of the two-class method or treasury stock method for unvested shares of restricted stock and LTIP Units, and by determining if certain market conditions have been met at the reporting date for unvested Performance Units.

The effect of including unvested shares of restricted stock and unvested LTIP Units using the treasury stock method was excluded from our calculation of weighted average shares of common stock outstanding – diluted, as their inclusion would have been anti-dilutive.

Performance Units, which are subject to vesting based on the Company achieving certain TSR levels and FFO per share growth over a three-year performance period, are included as contingently issuable shares in the calculation of diluted EPS when TSR and/or FFO per share growth has been achieved at or above the threshold levels specified in the award agreements, assuming the reporting period is the end of the performance period, and the effect is dilutive.

Shares issuable under forward equity sale agreements during the period prior to settlement are reflected in our calculation of weighted average shares of common stock outstanding – diluted using the treasury stock method for the periods where the impact was dilutive.

We also consider the effect of other potentially dilutive securities, including the CPOP Units and OP Units, which may be redeemed for shares of our common stock under certain circumstances, and include them in our computation of diluted EPS under the if-converted method when their inclusion is dilutive. These units were not dilutive for the periods presented above. Additionally, as of December 31, 2025, the Exchangeable Notes were not included in the computation of diluted earnings per share as they were anti-dilutive for the year ended December 31, 2025.