
	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2026		2025		2026		2025
Numerator for basic and diluted earnings per share:
Net income	$	67,281	$	68,708	$	198,549	$	188,526
Net income attributable to noncontrolling interests	1,901		2,661		6,687		7,347
Net income attributable to common stockholders	$	65,380	$	66,047	$	191,862	$	181,179
Denominator:
Denominator for basic earnings per share—weighted average shares	513,946		456,032		493,324		449,572
Effect of dilutive securities:

Restricted stock awards	530		573		556		553
OP unitholder interests	3,248		3,376		3,308		3,386
Exchangeable Notes	—		2,912		3,036		2,556
Equity forward sales agreements	1,213		522		1,060		325
Denominator for diluted earnings per share—adjusted weighted average shares	518,937		463,415		501,284		456,392
Basic earnings per share:
Net income	$	0.13	$	0.15	$	0.40	$	0.42
Net income attributable to common stockholders	0.13		0.14		0.39		0.40
Diluted earnings per share:
Net income	$	0.13	$	0.15	$	0.40	$	0.41
Net income attributable to common stockholders	0.13		0.14		0.38		0.40

The dilutive effect of our Exchangeable Notes, during the period the principal was outstanding, was calculated using the if-converted method in accordance with ASU 2020-06. We were required, pursuant to the indenture governing the Exchangeable Notes, to settle the aggregate principal amount of the Exchangeable Notes in cash and were able to 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 included the number of shares required to satisfy the exchange obligation, assuming all the Exchangeable Notes are exchanged. All Exchangeable Notes were settled in the six months ended June 30, 2026. Refer to “Note 10 – Senior Notes Payable and Other Debt”. As a result, shares issued upon settlement were 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 was 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.”