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Earnings Per Share
6 Months Ended
Jun. 30, 2014
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share

The following table provides a reconciliation of both the net income attributable to Boston Properties, Inc. and the number of common shares used in the computation of basic earnings per share (“EPS”), which is calculated by dividing net income attributable to Boston Properties, Inc. by the weighted-average number of common shares outstanding during the period. The terms of the Series Two Preferred Units enable the holders to obtain OP Units of the Operating Partnership, as well as Common Stock of the Company, and as a result these are considered participating securities. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are also participating securities. As such, unvested restricted common stock of the Company, LTIP Units, OPP Units and MYLTIP Units are considered participating securities. Participating securities are included in the computation of basic EPS of the Company using the two-class method. Participating securities are included in the computation of diluted EPS of the Company using the if-converted method if the impact is dilutive. Because the OPP Units and MYLTIP Units require the Company to outperform absolute and relative return thresholds, unless such thresholds have been met by the end of the applicable reporting period, the Company excludes such units from the diluted EPS calculation. Other potentially dilutive common shares, including stock options, restricted stock and other securities of the Operating Partnership that are exchangeable for the Company’s Common Stock, and the related impact on earnings, are considered when calculating diluted EPS.
 
 
For the three months ended June 30, 2014
 
Income
(Numerator)
 
Shares
(Denominator)
 
Per Share
Amount
 
(in thousands, except for per share amounts)
Basic Earnings:
 
 
 
 
 
Net income attributable to Boston Properties, Inc.
$
76,527

 
153,078

 
$
0.50

Effect of Dilutive Securities:
 
 
 
 
 
Stock Based Compensation

 
160

 

Diluted Earnings:
 
 
 
 
 
Net income attributable to Boston Properties, Inc. common shareholders
$
76,527

 
153,238

 
$
0.50

 
 
 
 
 
 
 
For the three months ended June 30, 2013
 
Income
(Numerator)
 
Shares
(Denominator)
 
Per Share
Amount
 
(in thousands, except for per share amounts)
Basic Earnings:
 
 
 
 
 
Income from continuing operations attributable to Boston Properties, Inc.
$
449,435

 
151,938

 
$
2.96

Discontinued operations attributable to Boston Properties, Inc.
2,982

 

 
0.02

Allocation of undistributed earnings to participating securities
(3,629
)
 

 
(0.03
)
Net income attributable to Boston Properties, Inc. common shareholders
$
448,788

 
151,938

 
$
2.95

Effect of Dilutive Securities:
 
 
 
 
 
Stock Based Compensation and Exchangeable Senior Notes

 
552

 
(0.01
)
Diluted Earnings:
 
 
 
 
 
Net income attributable to Boston Properties, Inc. common shareholders
$
448,788

 
152,490

 
$
2.94

 
 
 
 
 
 
 
For the six months ended June 30, 2014
 
Income
(Numerator)
 
Shares
(Denominator)
 
Per Share
Amount
 
(in thousands, except for per share amounts)
Basic Earnings:
 
 
 
 
 
Net income attributable to Boston Properties, Inc.
$
130,594

 
153,054

 
$
0.85

Effect of Dilutive Securities:
 
 
 
 
 
Stock Based Compensation

 
149

 

Diluted Earnings:
 
 
 
 
 
Net income attributable to Boston Properties, Inc. common shareholders
$
130,594

 
153,203

 
$
0.85

 
 
 
 
 
 
 
For the six months ended June 30, 2013
 
Income
(Numerator)
 
Shares
(Denominator)
 
Per Share
Amount
 
(in thousands, except for per share amounts)
Basic Earnings:
 
 
 
 
 
Income from continuing operations attributable to Boston Properties, Inc.
$
479,736

 
151,793

 
$
3.16

Discontinued operations attributable to Boston Properties, Inc.
20,357

 

 
0.13

Allocation of undistributed earnings to participating securities
(3,179
)
 

 
(0.02
)
Net income attributable to Boston Properties, Inc. common shareholders
$
496,914

 
151,793

 
$
3.27

Effect of Dilutive Securities:
 
 
 
 
 
Stock Based Compensation and Exchangeable Senior Notes

 
429

 
(0.01
)
Diluted Earnings:
 
 
 
 
 
Net income attributable to Boston Properties, Inc. common shareholders
$
496,914

 
152,222

 
$
3.26