Earnings Per Common Share / Unit

3 Months Ended

Mar. 31, 2013

Earnings Per Common Share / Unit

11.     Earnings Per Common Share / Unit

We determine basic earnings per share/unit based on the weighted average number of shares of common stock/units outstanding during the period. We compute diluted earnings per share/unit based on the weighted average number of shares outstanding combined with the incremental weighted average effect from all outstanding potentially dilutive instruments.

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
	March 31,
REIT	2013		2012
Net earnings attributable to common stockholders	$	265,416	$	202,412
Noncontrolling interest attributable to exchangeable limited partnership units		50		1,003
Interest expense on exchangeable debt assumed exchanged		4,235		4,216
Adjusted net earnings (loss) attributable to common stockholders	$	269,701	$	207,631
Weighted average common shares outstanding - Basic		461,468		459,203
Incremental weighted average effect on exchange of limited partnership units		1,146		3,347
Incremental weighted average effect of stock awards and warrants		2,566		1,678
Incremental weighted average effect on exchange of certain exchangeable debt		11,879		11,879
Weighted average common shares outstanding - Diluted (1)		477,059		476,107
Net earnings per share attributable to common stockholders -
Basic	$	0.58	$	0.44
Diluted	$	0.57	$	0.44
Operating Partnership
Net earnings attributable to common unitholders	$	266,548	$	203,353
Noncontrolling interest attributable to exchangeable limited partnership units		50		62
Interest expense on exchangeable debt assumed exchanged		4,235		4,216
Adjusted net earnings (loss) attributable to common unitholders	$	270,833	$	207,631
Weighted average common partnership units outstanding - Basic		463,361		461,259
Incremental weighted average effect on exchange of limited partnership units		1,146		1,291
Incremental weighted average effect of stock awards and warrants of the REIT		2,566		1,678
Incremental weighted average effect on exchange of certain exchangeable debt		11,879		11,879
Weighted average common partnership units outstanding - Diluted (2)		478,952		476,107
Net earnings per unit attributable to common unitholders -
Basic	$	0.58	$	0.44
Diluted	$	0.57	$	0.44

(1) Total weighted average potentially dilutive limited partnership units outstanding (in thousands) were 3,067 and 3,347 for the three months ended March 31, 2013 and 2012, respectively. Total weighted average potentially dilutive stock awards and warrants outstanding (in thousands) were 14,140 and 10,132 for the three months ended March 31, 2013 and 2012, respectively.

(2) Total weighted average potentially dilutive limited partnership units outstanding (in thousands) were 1,173 and 1,291 for the three months ended March 31, 2013 and 2012, respectively. Total weighted average potentially dilutive stock awards and warrants outstanding (in thousands) were 14,140 and 10,132 for the three months ended March 31, 2013 and 2012, respectively.

See Note 15 for information on an equity issuance we completed in April 2013.