Basic earnings per share or unit is calculated based on the weighted average number of common shares or units outstanding during the period. Diluted earnings per share or unit is calculated based on the weighted average number of common shares or units outstanding during the period combined with the incremental weighted average common shares or units that would have been outstanding assuming the conversion of all potentially dilutive common shares or units into common shares or units as of the earliest date possible.

Potentially dilutive securities include (i) outstanding options to acquire common shares; (ii) Limited Partner Units, which may be exchanged for either cash or common shares at the Parent Company’s option and under certain circumstances; (iii) Appreciation Only Long-Term Incentive Plan Units; (iv) deferred common share units, which may be credited to the personal accounts of members of the Board of Trustees in lieu of compensation paid in cash or the issuance of common shares to such trustees, and (v) common shares issuable upon the exchange of the Company’s exchangeable notes. The Company calculates the potential dilutive effect of the exchangeable notes under the if-converted method, which considers only the amounts settled in excess of the principal in diluted earnings per share as the principal must be paid in cash. Limited Partner Units have been omitted from the Parent Company’s denominator for the purpose of computing diluted earnings per share since the effect of including those amounts in the denominator would have no dilutive impact. Weighted average Limited Partner Units outstanding were 5.3 million and 5.2 million for the three and six months ended June 30, 2026, respectively, and 4.8 million and 4.7 million for the three and six months ended June 30, 2025, respectively.

The following table summarizes the calculation of basic and diluted earnings per share for the Parent Company for the three months ended June 30, 2026 and 2025. We have omitted the calculation of basic and diluted earnings per unit since the dilutive securities for the Operating Partnership are the same as those for the Parent Company (dollars in thousands, except per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:
Net income attributable to common shareholders – basic and diluted	$	161,304	$	110,318	$	172,698	$	134,048

Denominator:
Weighted average common shares outstanding – basic	202,231,374		219,835,322		203,949,318		219,775,829
Effect of dilutive securities:
AO LTIP Units	—		36,131		—		38,222
Deferred common share units	95,816		78,415		92,433		74,888
2021 exchangeable notes	871,113		—		609,573		—
Weighted average common shares outstanding – diluted	203,198,303		219,949,868		204,651,324		219,888,939

Net income per common share – basic	$	0.80	$	0.50	$	0.85	$	0.61
Net income per common share – diluted	$	0.79	$	0.50	$	0.84	$	0.61