
	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Numerator for basic and diluted earnings per share:
Net income	$	72,222	$	71,462	$	131,268	$	119,818
Net income attributable to noncontrolling interests	1,652		3,198		4,786		4,686
Net income attributable to common stockholders	$	70,570	$	68,264	$	126,482	$	115,132
Denominator:
Denominator for basic earnings per share—weighted average shares	489,287		452,583		482,802		446,314
Effect of dilutive securities:

Restricted stock awards	533		504		606		550
OP unitholder interests	3,317		3,380		3,338		3,390
Exchangeable Notes	3,882		2,535		4,553		2,378
Equity forward sales agreements	705		86		983		368
Denominator for diluted earnings per share—adjusted weighted average shares	497,724		459,088		492,282		453,000
Basic earnings per share:
Net income	$	0.15	$	0.16	$	0.27	$	0.27
Net income attributable to common stockholders	0.14		0.15		0.26		0.26
Diluted earnings per share:
Net income	$	0.15	$	0.16	$	0.27	$	0.26
Net income attributable to common stockholders	0.14		0.15		0.26		0.25

The dilutive effect of our Exchangeable Notes is calculated using the if-converted method in accordance with ASU 2020-06. We are required, pursuant to the indenture governing the Exchangeable Notes, to settle the aggregate principal amount of the Exchangeable Notes in cash and may elect to settle any remaining exchange obligation (i.e., the stock price in excess of the exchange obligation) in cash, shares of our common stock or a combination thereof. Under the if-converted method, we include the number of shares required to satisfy the exchange obligation, assuming all the Exchangeable Notes are exchanged. All remaining Exchangeable Notes were settled in June 2026. Refer to “Note 10 – Senior Notes Payable and Other Debt”. As a result, shares issued upon settlement are included in the calculation of basic weighted shares outstanding beginning on the settlement date. For the period in which the dilutive securities were outstanding, the average closing price of our common stock is used as the basis for determining the dilutive effect on earnings per share.

Our unsettled equity forward sales agreements do not impact basic earnings per share. We apply the treasury stock method to our unsettled equity forward sales agreements to determine their dilutive effect, if any. See “Note 14 – Stockholders' Equity.”