| Computation of Basic and Diluted Earnings Per Common Share |
The following table shows the amounts used in computing our basic and diluted earnings per share (in thousands, except per share amounts):
| | | | | | | | | | | | | | | | | | | | | | | | | 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 | |
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