
	For the Three Months Ended March 31,
	2026		2025
Numerator for basic and diluted earnings per share:
Net income	$	59,046	$	48,356
Net income attributable to noncontrolling interests	3,134		1,488
Net income attributable to common stockholders	$	55,912	$	46,868
Denominator:
Denominator for basic earnings per share—weighted average shares	476,185		439,931
Effect of dilutive securities:

Restricted stock awards	685		506
OP unitholder interests	3,359		3,401
Exchangeable Notes	5,225		2,221
Equity forward sales agreements	1,261		365
Denominator for diluted earnings per share—adjusted weighted average shares	486,715		446,424
Basic earnings per share:
Net income	$	0.12	$	0.11
Net income attributable to common stockholders	0.12		0.11
Diluted earnings per share:
Net income	$	0.12	$	0.11
Net income attributable to common stockholders	0.11		0.10

The dilutive effect of our Exchangeable Notes is calculated using the if-converted method in accordance with ASU 2020-06. We are required, pursuant to the indenture governing the Exchangeable Notes, to settle the aggregate principal amount of the Exchangeable Notes in cash and may 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 include the number of shares required to satisfy the exchange obligation, assuming all the Exchangeable Notes are exchanged. The average closing price of our common stock for the three months ended March 31, 2026 and 2025 is 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.”