| Schedule of Earnings Per Share, Basic and Diluted |
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): | | | | | | | | | | | | | | | | | | | | | | | Year ended December 31, | | (dollar amounts in thousands) | | 2025 | | 2024 | | 2023 | | Numerator for basic and diluted earnings per share: | | | | | | | | Net income | | $ | 253,731 | | | $ | 203,638 | | | $ | 191,415 | | | Less: net income attributable to non-controlling interests | | (718) | | | (634) | | | (708) | | | Less: net income allocated to unvested RSUs and LTIP Units | | (893) | | | (472) | | | (407) | | | Net income available for common stockholders: basic | | 252,120 | | | 202,532 | | | 190,300 | | | Net income attributable to non-controlling interests | | 718 | | | 634 | | | 708 | | | Net income available for common stockholders: diluted | | $ | 252,838 | | | $ | 203,166 | | | $ | 191,008 | | | | | | | | | | Denominator for basic and diluted earnings per share: | | | | | | | | Weighted average common shares outstanding | | 196,051,237 | | | 173,855,427 | | | 152,140,896 | | | Less: weighted average number of shares of unvested RSAs | | — | | | — | | | (161) | | | Weighted average shares outstanding used in basic net income per share | | 196,051,237 | | | 173,855,427 | | | 152,140,735 | | Effects of dilutive securities: (1) | | | | | | | | OP Units | | 553,847 | | | 553,847 | | | 553,847 | | | Unvested RSAs, RSUs and LTIP Units | | 926,380 | | | 859,785 | | | 421,292 | | | Forward sales | | 523,304 | | | 1,846,111 | | | 405,980 | | | Weighted average shares outstanding used in diluted net income per share | | 198,054,768 | | | 177,115,170 | | | 153,521,854 | |
_____________________________________ (1)Excludes the impact of 197,321, 7,051 and 179,807 unvested RSUs, unvested LTIP Units and unsettled forward equity sales for the years ended December 31, 2025, 2024 and 2023, respectively, as the effect would have been antidilutive.
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