Earnings per Share Earnings per Share

The Company calculates earnings per share ("EPS") in accordance with ASC 260 - Earnings per Share ("ASC 260"). Basic EPS is computed by dividing net income applicable to common stock by the weighted-average number of common shares outstanding during the period, excluding net income attributable to participating securities in accordance with the two class method. The Company's participating securities are related to certain employee equity awards that receive non-forfeitable dividends. Specifically, time-based restricted stock awards receive non-forfeitable dividends equivalent to what common shareholders receive during these awards vesting periods. Diluted EPS for the Company's common stock is computed using the more dilutive of the two-class method or the treasury stock method. Diluted EPS reflects the additional dilution for all potentially-dilutive securities. The effect of the conversion of the LTIP Units and OP Units to common shares is excluded from the computation of basic and diluted earnings per share because the exchange of LTIP Units and OP Units into common stock is on a one-for-one basis and all net income attributable to the noncontrolling interest holders are recorded as income attributable to noncontrolling interests and thus is excluded from net income available to common shareholders. In accordance

with ASC 260, the Company includes all performance-based restricted shares that would have vested based upon the Company’s performance at quarter-end in the calculation of diluted EPS.

The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	285,725	277,438	284,479	276,140

Assumed conversion of restricted stock awards (1)	101	120	90	103
Assumed conversion of performance-based restricted stock awards	31	239	24	221



Total	285,857	277,797	284,593	276,464

(1) These awards which are participating securities are accounted for under the two-class method and excluded from the computation of diluted shares as they are a separate class.

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands, except per share data)
Calculation of basic EPS:
Net income attributable to common shareholders	$	228,416	$	151,439	$	460,245	$	316,623
Less: Net income allocated to participating securities	(163)		(192)		(319)		(380)
Net income for earnings per share purposes	$	228,253	$	151,247	$	459,926	$	316,243
Weighted-average common shares outstanding	285,725		277,438		284,479		276,140
Basic EPS	$	0.80	$	0.55	$	1.62	$	1.15

Calculation of diluted EPS:
Net income for earnings per share purposes	$	228,253	$	151,247	$	459,926	$	316,243
Diluted weighted-average common shares outstanding	285,756		277,677		284,503		276,361
Diluted EPS	$	0.80	$	0.54	$	1.62	$	1.14

Antidilutive securities excluded from the computation of diluted earnings per share	102		137		115		139