| Schedule of Computation of Basic and Diluted Earnings Per Common Share of Common Stock |
The computation of basic and diluted earnings per common share of our common stock is as follows:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
| Numerator: |
(in millions, except share and per share data) |
Net income (loss) attributable to controlling stockholders and participating securities |
$ |
98.4 |
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$ |
26.5 |
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$ |
155.1 |
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$ |
149.6 |
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Less: Dividends and distributions on participating securities |
(0.5) |
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(0.3) |
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(1.0) |
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(0.8) |
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| Less: Undistributed earnings attributable to participating securities |
(0.4) |
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— |
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(0.5) |
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(0.4) |
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| Net income (loss) attributable to controlling stockholders — basic |
97.5 |
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26.2 |
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153.6 |
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148.4 |
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| Add: Interest expense related to Convertible Notes under the if-converted method |
3.5 |
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— |
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8.0 |
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12.5 |
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| Add: Undistributed earnings attributable to participating securities |
0.4 |
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— |
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0.5 |
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0.4 |
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| Net income (loss) attributable to controlling stockholders — dilutive |
$ |
101.4 |
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$ |
26.2 |
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$ |
162.1 |
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$ |
161.3 |
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| Denominator: |
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| Weighted-average number of common shares — basic |
121,515,164 |
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114,329,692 |
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120,454,366 |
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113,473,750 |
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| Weighted-average number of common shares — diluted |
137,740,850 |
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114,433,285 |
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137,830,564 |
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131,922,504 |
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| Basic earnings per common share |
$ |
0.80 |
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$ |
0.23 |
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$ |
1.28 |
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$ |
1.31 |
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| Diluted earnings per common share |
$ |
0.74 |
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$ |
0.23 |
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$ |
1.18 |
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$ |
1.22 |
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| Securities being allocated a portion of earnings: |
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| Weighted-average number of OP units |
1,794,515 |
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1,529,282 |
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1,621,906 |
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1,461,584 |
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As of June 30, |
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2025 |
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2024 |
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| Participating securities: |
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| Unvested restricted common stock and unvested LTIP Units with time-based vesting conditions outstanding at period end |
1,081,522 |
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858,423 |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
| Potentially dilutive securities as of period end that were not dilutive for the presented periods: |
Unvested restricted common stock and unvested LTIP Units with time-based vesting conditions |
1,081,522 |
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858,423 |
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1,081,522 |
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858,423 |
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| Restricted stock units |
— |
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20,926 |
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— |
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20,926 |
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| LTIP Units with market-based vesting conditions |
119,735 |
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253,574 |
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119,735 |
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253,574 |
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LTIP Units with performance-based vesting conditions |
247,761 |
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— |
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247,761 |
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— |
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| Potential shares of common stock related to Convertible Notes |
— |
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18,397,237 |
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— |
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— |
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