| Computation of Basic and Diluted Earnings Per Share |
The following table sets forth the computation of basic and diluted earnings per share (in thousands, except share and per share amounts): | | | | | | | | | | | | | | | | | | | 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 | |
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