Net Income Available to Common Stockholders Per Share of the Company

The following table reconciles the numerator and denominator in computing the Company’s basic and diluted per-share computations for net income available to common stockholders for the three months ended March 31, 2015 and 2014:



	Three Months Ended March 31,
	2015			2014
	(in thousands, except share and per share amounts)
Numerator:
Income from continuing operations	$	44,002		$	10,874
Income from continuing operations attributable to noncontrolling common units of the Operating Partnership	(815		)	(160		)
Preferred dividends	(3,313		)	(3,313		)
Allocation to participating securities ⁽¹⁾	(415		)	(427		)
Numerator for basic and diluted income from continuing operations available to common stockholders	39,459			6,974
Income from discontinued operations ⁽²⁾	—			91,058
Income from discontinued operations attributable to noncontrolling common units of the Operating Partnership ⁽²⁾	—			(1,927		)
Numerator for basic and diluted net income available to common stockholders	$	39,459		$	96,105
Denominator:
Basic weighted average vested shares outstanding	86,896,776			82,124,538
Effect of dilutive securities	537,590			2,015,532
Diluted weighted average vested shares and common share equivalents outstanding	87,434,366			84,140,070
Basic earnings per share:
Income from continuing operations available to common stockholders per share	$	0.45		$	0.08
Income from discontinued operations per common share ⁽²⁾	0.00			1.09
Net income available to common stockholders per share	$	0.45		$	1.17
Diluted earnings per share:
Income from continuing operations available to common stockholders per share	$	0.45		$	0.08
Income from discontinued operations per common share ⁽²⁾	0.00			1.06
Net income available to common stockholders per share	$	0.45		$	1.14

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(1)	Participating securities include nonvested shares, certain time-based RSUs and vested market measure-based RSUs.


(2)	The Company adopted ASU 2014-08 effective January 1, 2015 (see Note 1). As a result, properties classified as held for sale and/or disposed of subsequent to January 1, 2015 that do not represent a strategic shift are no longer presented as discontinued operations.

The impact of the contingently issuable shares were considered in our diluted earnings per share calculation for the three months ended March 31, 2015 and 2014, because we reported income from continuing operations attributable to common stockholders in the respective periods and the effect was dilutive. As of March 31, 2015 contingently issuable shares consist of stock options and 182,610 market measure-based RSUs. As of March 31, 2014 contingently issuable shares consist of stock options and the impact of the Company's 4.25% Exchangeable Notes due November 2014 (the "4.25% Exchangeable Notes") prior to their maturity and settlement in November 2014. As of March 31, 2014 the 182,610 market measure-based RSUs were not included in dilutive securities since they were considered contingently issuable shares as not all the necessary performance conditions had been met. The 2015 Performance-Based RSUs and our other nonvested market measure-based RSUs are not included in dilutive securities as of March 31, 2015 and 2014 because they are not included until all the necessary performance conditions have been met.

See Note 10 “Share-Based Compensation” for additional information regarding the stock options and other share-based compensation.