11. Earnings / (Loss) Per Share Earnings / (loss) per share ("EPS") is computed by dividing net income / (loss) by the weighted average number of common shares outstanding during the period on a basic and diluted basis. We calculate diluted EPS using the more dilutive of the treasury stock method and the two-class method for restricted common shares, the treasury stock method for forward equity sales and the if converted method for convertible units. Our potentially dilutive securities include our potential common shares related to our forward equity offerings, our unvested restricted common shares and RSUs, and our Operating Partnership outstanding common and preferred OP units, which, if converted or exercised, may impact dilution. Diluted EPS considers the impact of potentially dilutive securities except when the potential common shares have an anti-dilutive effect. Our unvested restricted stock common shares contain rights to receive non-forfeitable distributions and participate equally with common stock with respect to distributions issued or declared, and thus, are participating securities, requiring the two-class method of computing EPS. Computations of basic and diluted EPS were as follows (in millions, except for per share data): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Numerator for basic EPS | | | | | | | | Net Income / (Loss) from continuing operations | $ | 42.3 | | | $ | (30.0) | | | $ | 60.7 | | | $ | (51.7) | | Preferred return to preferred OP units equity interests | (2.5) | | | (3.2) | | | (5.2) | | | (6.3) | | (Income) / loss attributable to noncontrolling interests | 34.7 | | | (53.5) | | | 35.0 | | | (51.6) | | Net Income / (Loss) from continuing operations attributable to SUI common shareholders | 74.5 | | | (86.7) | | | 90.5 | | | (109.6) | | Less: allocation to restricted stock awards | (5.3) | | | 7.2 | | | (5.5) | | | 7.0 | | Basic earnings - net income / (loss) from continuing operations after allocation to restricted stock awards | 79.8 | | | (93.9) | | | 96.0 | | | (116.6) | | Basic earnings - net income / (loss) from discontinued operations | (1,067.2) | | | 1,360.3 | | | (1,091.9) | | | 1,340.4 | | Basic earnings - net income / (loss) attributable to common shareholders after allocation to restricted stock awards | $ | (987.4) | | | $ | 1,266.4 | | | $ | (995.9) | | | $ | 1,223.8 | | Numerator for diluted EPS | | | | | | | | Basic earnings - net income / (loss) from continuing operations after allocation to restricted stock awards | $ | 79.8 | | | $ | (93.9) | | | $ | 96.0 | | | $ | (116.6) | | Add: allocation to common and preferred OP units dilutive effect | (33.3) | | | — | | | (31.0) | | | — | | Add: allocation to restricted stock awards | (5.3) | | | — | | | (5.5) | | | — | | Diluted net income / (loss) from continuing operations attributable to SUI common shareholders | 41.2 | | | (93.9) | | | 59.5 | | | (116.6) | | Diluted net income / (loss) from discontinued operations | (1,067.2) | | | 1,360.3 | | | (1,091.9) | | | 1,340.4 | | Diluted earnings - net income / (loss) attributable to common shareholders after allocation to common and preferred OP units(1) | $ | (1,026.0) | | | $ | 1,266.4 | | | $ | (1,032.4) | | | $ | 1,223.8 | | | | | | | | | | | Denominator | | | | | | | | Weighted average common shares outstanding | 122.5 | | | 126.4 | | | 122.6 | | | 126.5 | | | | | | | | | | | | | | | | | | Add: dilutive restricted stock | 0.1 | | | — | | | 0.2 | | | — | | Add: common and preferred OP units dilutive effect | 4.4 | | | — | | | 4.6 | | | — | | Diluted weighted average common shares and securities(1) | 127.0 | | | 126.4 | | | 127.4 | | | 126.5 | | EPS Available to Common Shareholders After Allocation | | | | | | | | Basic income / (loss) per share from continuing operations | $ | 0.65 | | | $ | (0.74) | | | $ | 0.78 | | | $ | (0.92) | | Basic income / (loss) per share from discontinued operations | (8.71) | | | 10.76 | | | (8.91) | | | 10.60 | | Basic income / (loss) per share | $ | (8.06) | | | $ | 10.02 | | | $ | (8.13) | | | $ | 9.68 | | Diluted income / (loss) per share from continuing operations | $ | 0.32 | | | $ | (0.74) | | | $ | 0.47 | | | $ | (0.92) | | Diluted income / (loss) per share from discontinued operations | (8.40) | | | 10.76 | | | (8.57) | | | 10.60 | | Diluted income / (loss) per share(1) | $ | (8.08) | | | $ | 10.02 | | | $ | (8.10) | | | $ | 9.68 | |
(1) For the three and six months ended June 30, 2026, diluted earnings per share was calculated using the treasury stock method for restricted stock awards as the application of this method resulted in a more diluted earnings per share during those periods. For the three and six months ended June 30, 2025, diluted earnings per share was calculated using the two-class stock method for restricted stock awards as the application of this method resulted in a more diluted earnings per share during those periods. We have excluded certain potentially dilutive securities from the computation of diluted EPS because the inclusion of those securities would have been anti-dilutive for the periods presented. As of June 30, 2026, all outstanding convertible securities were dilutive and included in the computation of diluted EPS. The following table presents the outstanding securities that were excluded from the computations of diluted EPS as of June 30, 2025 (in thousands): | | | | | | | | | | | As of June 30, 2025 | | | | | Common OP units | | | 2,883 | | A-1 preferred OP units | | | 170 | | A-3 preferred OP units | | | 40 | | Series C preferred OP units | | | 292 | | Series D preferred OP units | | | 489 | | Series E preferred OP units | | | 80 | | Series F preferred OP units | | | 70 | | Series G preferred OP units | | | 5 | | Series H preferred OP units | | | 581 | | Series J preferred OP units | | | 236 | | Series K preferred OP units | | | 1,000 | | Series L preferred OP units | | | 20 | | Redemption rights - Series G preferred OP units | | | 201 | | Total Securities | | | 6,067 | |
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