We present both basic and diluted EPS. We compute basic EPS by dividing net income available to common shareholders allocable to unrestricted common shares by the weighted average number of unrestricted common shares outstanding during the period after allocating undistributed earnings between common shareholders and participating securities under the two-class method. Our participating securities include restricted shares and PIUs and deferred share awards not previously settled by common share issuances. Our computation of diluted EPS is similar except that:

•the denominator is increased to include: (1) the weighted average number of potential additional common shares that would have been outstanding if securities that are convertible into common shares were converted; and (2) the effect of dilutive potential common shares outstanding during the period attributable to a redeemable noncontrolling interest in a joint venture and share-based compensation awards using the if-converted or treasury stock methods; and

We compute diluted EPS using the treasury stock method for unvested restricted shares, TB-PIUs, and deferred share awards and the if-converted method for exchangeable debt (including our 5.25% Notes), common units, redeemable noncontrolling interest, PB-PIUs, PSUs, and vested PIUs and deferred share awards not previously settled by common share issuances.


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Numerator


Net income attributable to common shareholders	$	46,437	$	38,347	$	84,993	$	73,087
Income attributable to share-based compensation awards for basic EPS	(219)		(157)		(409)		(323)
Numerator for basic EPS on net income attributable to common shareholders	46,218		38,190		84,584		72,764




Adjustment to income attributable to share-based compensation awards for diluted EPS	36		45		66		94
Numerator for diluted EPS on net income attributable to common shareholders	$	46,254	$	38,235	$	84,650	$	72,858





Denominator (all weighted averages)
Denominator for basic EPS (common shares)	112,871		112,459		112,839		112,421
Dilutive effect of share-based compensation awards	938		765		984		744
Dilutive exchangeable debt	1,087		—		763		—


Denominator for diluted EPS (common shares)	114,896		113,224		114,586		113,165




Basic EPS attributable to common shareholders	$	0.41	$	0.34	$	0.75	$	0.65



Diluted EPS attributable to common shareholders	$	0.40	$	0.34	$	0.74	$	0.64

Our diluted EPS computations do not include the effects of the following securities since the conversions of such securities would increase diluted EPS for the respective periods (in thousands):


	Weighted Average Shares Excluded from Denominator
	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2026	2025	2026	2025
Conversion of common units	2,231	2,177	2,147	2,113
Conversion of redeemable noncontrolling interest	724	826	759	850

•weighted average restricted shares and deferred share awards of 578,000 and 448,000 for the three months ended June 30, 2026 and 2025, respectively, and 549,000 and 420,000 for the six months ended June 30, 2026 and 2025, respectively; and

Our 5.25% Notes issued in 2023 have an exchange settlement feature under which the principal amount of notes exchanged is payable in cash, with the remainder of the exchange obligation, if any, determined based on the exchange price per common share at the time of settlement, payable in cash, common shares, or a combination thereof at our election. Although we retain the option to pay the value in excess of the principal amount in cash, common shares, or a combination thereof, GAAP requires for diluted EPS reporting purposes that we assume such excess value is fully paid in the form of common shares for periods in which the weighted average closing price of our common shares is higher than the exchange price applicable to such periods. This resulted in us reporting an additional 1.1 million and 763,000 shares in the denominator for diluted EPS for the three and six months ended June 30, 2026, respectively.