Earnings Per Share

12 Months Ended

Dec. 31, 2025

Under the two-class method of computing earnings per share, restricted shares of common stock are considered participating securities as these stock-based awards contain non-forfeitable rights to dividends, unless and until a forfeiture occurs, and these awards must be included in the computation of earnings per share pursuant to the two-class method. During the years ended December 31, 2025, 2024 and 2023, there were 113,207, 122,454 and 142,875, respectively, unvested shares of restricted stock on a weighted average basis that were considered participating securities. Participating securities are included in the computation of diluted earnings per share using the treasury stock method if the impact is more dilutive than the two-class method. Other potentially dilutive shares of common stock from the Company’s performance units and forward sales agreements are considered when calculating diluted earnings per share.

The following table reconciles the numerators and denominators in the computation of basic and diluted earnings per common share for the years ended December 31, 2025, 2024 and 2023.


	Year ended December 31,
Earnings Per Share (in thousands, except per share data)	2025		2024		2023
Numerator
Net income attributable to common stockholders	$	273,350	$	189,038	$	192,633
Denominator
Weighted average common shares outstanding — basic	186,844		182,160		180,221
Effect of dilutive securities(1)
Share-based compensation	330		244		332
Shares issuable under forward sale agreements	—		—		2
Weighted average common shares outstanding — diluted	187,174		182,404		180,555
Net income per share — basic and diluted
Net income per share attributable to common stockholders — basic	$	1.46	$	1.04	$	1.07
Net income per share attributable to common stockholders — diluted	$	1.46	$	1.04	$	1.07

(1)During the years ended December 31, 2025, 2024, and 2023, there were 113, 122, and 143 unvested restricted shares of common stock (on a weighted average basis), respectively, that were not included in the computation of diluted earnings per share because the allocation of income under the two-class method was more dilutive.