Earnings per Share Earnings per Share

The Company calculates earnings per share ("EPS") in accordance with ASC 260 - Earnings per Share ("ASC 260"). Basic EPS is computed by dividing net income applicable to common stock by the weighted-average number of common shares outstanding during the period, excluding net income attributable to participating securities in accordance with the two class method. The Company's participating securities are related to certain employee equity awards that receive non-forfeitable dividends. Specifically, time-based restricted stock awards receive non-forfeitable dividends equivalent to what common shareholders receive during these awards' vesting periods. Diluted EPS for the Company's common stock is computed using the more dilutive of the two-class method or the treasury stock method. Diluted EPS reflects the additional dilution for all potentially-dilutive securities. The effect of the conversion of the LTIP Units and OP Units to common shares is excluded from the computation of basic and diluted earnings per share because the exchange of LTIP Units and OP Units into common stock is on a one-for-one basis and all net income attributable to the noncontrolling interest holders is recorded as income attributable to noncontrolling interests and thus is excluded from net income available to common shareholders. In accordance with ASC

260, the Company includes all performance-based restricted shares that would have vested based upon the Company’s performance at quarter-end in the calculation of diluted EPS.

The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three and nine months ended September 30, 2026 and 2025:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	290,922	283,008	286,650	278,454

Assumed conversion of restricted stock awards (1)	112	148	97	118
Assumed conversion of performance-based restricted stock awards	38	215	27	173


Dilution attributable to equity forward contract	—	132	—	56
Total	291,072	283,503	286,774	278,801

(1) These awards which are participating securities are accounted for under the two-class method and excluded from the computation of diluted shares as they are a separate class.

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three and nine months ended September 30, 2026 and 2025:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
	(in thousands, except per share data)
Calculation of basic EPS:
Net income attributable to common shareholders	$	207,636	$	241,191	$	667,881	$	557,814
Less: Net income allocated to participating securities	(157)		(210)		(475)		(572)
Net income for earnings per share purposes	$	207,479	$	240,981	$	667,406	$	557,242
Weighted-average common shares outstanding	290,922		283,008		286,650		278,454
Basic EPS	$	0.71	$	0.85	$	2.33	$	2.00

Calculation of diluted EPS:
Net income for earnings per share purposes	$	207,479	$	240,981	$	667,406	$	557,242
Diluted weighted-average common shares outstanding	290,960		283,355		286,677		278,683
Diluted EPS	$	0.71	$	0.85	$	2.33	$	2.00

Antidilutive securities excluded from the computation of diluted earnings per share	126		53		148		54