The following table presents the amounts used in computing our basic and diluted earnings per share (in thousands, except share and per share amounts):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Numerator:
Net income attributable to controlling interest — basic	$	30,606		$	9,908		$	54,319		$	3,104
Adjustment for net loss allocated to participating securities		(1	)		(2	)		(2	)		(4	)
Net income attributable to controlling interest — diluted	$	30,605		$	9,906		$	54,317		$	3,100

Denominator:
Denominator for basic earnings per share — weighted average shares		192,711,623			160,499,581			190,030,463			158,721,080
Effect of dilutive securities:
Nonvested restricted common stock and stock units		528,904			643,975			538,581			597,423
ESPP		830			—			830			—
Forward equity sale agreements		106,400			—			138,747			—
Denominator for diluted earnings per share — adjusted weighted average shares		193,347,757			161,143,556			190,708,621			159,318,503

Basic earnings per share:
Net income attributable to controlling interest	$	0.16		$	0.06		$	0.29		$	0.02
Diluted earnings per share:
Net income attributable to controlling interest	$	0.16		$	0.06		$	0.28		$	0.02

Basic earnings (loss) per share for all periods presented are computed by dividing net income (loss) applicable to common stock by the weighted average number of shares of our common stock outstanding during the period. Diluted earnings (loss) per share are computed based on the weighted average number of shares of our common stock and all dilutive securities, if any. TBUs, RSAs and limited OP units, as well as common stock issued pursuant to the ESPP, the Manager Plan and forward sale agreements, give rise to potentially dilutive shares of our common stock.

The following securities were excluded from the computation of diluted earnings (loss) per share because such securities were anti-dilutive during the periods presented below:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Nonvested TBUs		49,156		—		—		48,571
Nonvested RSAs		18,158		24,336		18,158		24,336
Limited OP units		1,936,425		2,004,216		1,936,425		2,004,216
Forward sale agreements		23,380,190		3,554,525		23,380,190		3,554,525

For the three and six months ended June 30, 2026 and 2025, 604,294 and 424,788 nonvested PBUs, respectively, were treated as contingently issuable shares pursuant to ASC Topic 718, Compensation — Stock Compensation. Such contingently issuable shares were excluded from the computation of diluted earnings (loss) per share because they were anti-dilutive during the period.