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Earnings (Loss) Per Common Share/Unit (Tables)
 9 Months Ended
Sep. 30, 2012
Schedule of Earnings Per Share Basic and Diluted by Common Class

The following table sets forth the computation of our basic and diluted earnings per share/unit (in thousands, except per share/unit amounts):

 

    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  

REIT

   2012(1)     2011     2012     2011(1)  

Net earnings (loss) available for common stockholders

   $ (46,526 )    $ 55,436     $ 147,767     $ (142,651 ) 

Noncontrolling interest attributable to exchangeable limited partnership units

     —          (485 )      935       —     
 

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted net earnings (loss) available for common stockholders

   $ (46,526 )    $ 54,951     $ 148,702     $ (142,651 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average common shares outstanding - Basic (2)

     460,079       458,256       459,720       340,923   

Incremental weighted average effect on exchange of limited partnership units

     —          3,362       3,260       —     

Incremental weighted average effect of share awards

     —          790       1,958       —     
 

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average common shares outstanding - Diluted (3)(4)

     460,079       462,408       464,938       340,923   
 

 

 

    

 

 

    

 

 

    

 

 

  

Net earnings (loss) per share available for common stockholders - Basic and Diluted

   $ (0.10 )    $ 0.12     $ 0.32     $ (0.42 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Operating Partnership

                        

Net earnings (loss) available for common unitholders

   $ (46,678 )    $ 54,906     $ 148,503     $ (143,181 ) 

Noncontrolling interest attributable to exchangeable limited partnership units

     —          45       187       —     
 

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted net earnings (loss) available for common unitholders

   $ (46,678 )    $ 54,951     $ 148,690     $ (143,181 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average common partnership units outstanding - Basic (2)

     461,979       460,315       461,693       341,828   

Incremental weighted average effect on exchange of limited partnership units

     —          1,303       1,287       —     

Incremental weighted average effect of share awards

     —          790       1,958       —     
 

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average common partnership units outstanding - Diluted (3)(4)

     461,979       462,408       464,938       341,828   
 

 

 

    

 

 

    

 

 

    

 

 

  

Net earnings (loss) per unit available for common unitholders - Basic and Diluted

   $ (0.10 )    $ 0.12     $ 0.32     $ (0.42 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) In periods with a net loss, the inclusion of any incremental shares/units is anti-dilutive and, therefore, both basic and diluted shares/units are the same.
(2) The increase in shares/units from 2011 to 2012 is due to the Merger (see Note 2 for more details) and an equity offering in June 2011.
(3) Total weighted average potentially dilutive share awards outstanding (in thousands) were 9,633 and 9,909 for the three months ended September 30, 2012 and 2011, respectively, and 9,824 and 5,966 for the nine months ended September 30, 2012 and 2011, respectively.
(4) The shares underlying the exchangeable debt have not been included because the impact would be anti-dilutive.