9. Earnings Per Share

The following table provides a reconciliation of both the net income attributable to Boston Properties, Inc. common shareholders 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. common shareholders by the weighted-average number of common shares outstanding during the period. 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, 2012 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 2012 OPP Units required and the 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, 2015
	Income (Numerator)		Shares (Denominator)	Per Share Amount
	(in thousands, except for per share amounts)
Basic Earnings:
Net income attributable to Boston Properties, Inc. common shareholders	$	79,460	153,450	$	0.52
Effect of Dilutive Securities:
Stock Based Compensation	—		365	—
Diluted Earnings:
Net income attributable to Boston Properties, Inc. common shareholders	$	79,460	153,815	$	0.52

	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. common shareholders	$	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 six months ended June 30, 2015
	Income (Numerator)			Shares (Denominator)	Per Share Amount
	(in thousands, except for per share amounts)
Basic Earnings:
Net income attributable to Boston Properties, Inc. common shareholders	$	250,694		153,341	$	1.63
Allocation of undistributed earnings to participating securities	(141		)	—	—
Net income attributable to Boston Properties, Inc. common shareholders	$	250,553		153,341	$	1.63
Effect of Dilutive Securities:
Stock Based Compensation	—			504	—
Diluted Earnings:
Net income attributable to Boston Properties, Inc. common shareholders	$	250,553		153,845	$	1.63

	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. common shareholders	$	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