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						Six Months Ended
	June 30,						June 30,
REIT	2013			2012			2013		2012
Net earnings (loss) attributable to common stockholders	$	(1,517	)	$	(8,120	)	$	263,899	$	194,293
Noncontrolling interest attributable to exchangeable limited partnership units		—			—			1,599		1,069

Adjusted net earnings (loss) attributable to common stockholders	$	(1,517	)	$	(8,120	)	$	265,498	$	195,362

Weighted average common shares outstanding - Basic (1)		486,032			459,878			473,892		459,549
Incremental weighted average effect on exchange of limited partnership units		—			—			3,039		3,299
Incremental weighted average effect of stock awards and warrants		—			—			3,078		1,848

Weighted average common shares outstanding - Diluted (2)		486,032			459,878			480,009		464,696

Net earnings (loss) per share attributable to common stockholders -
Basic	$	0.00		$	(0.02	)	$	0.56	$	0.42
Diluted	$	0.00		$	(0.02	)	$	0.55	$	0.42
Operating Partnership
Net earnings (loss) attributable to common unitholders	$	(1,592	)	$	(8,173	)	$	264,956	$	195,181
Noncontrolling interest attributable to exchangeable limited partnership units		—			—			542		121

Adjusted net earnings (loss) attributable to common unitholders	$	(1,592	)	$	(8,173	)	$	265,498	$	195,302

Weighted average common partnership units outstanding - Basic (1)		487,925			461,842			475,785		461,559
Incremental weighted average effect on exchange of limited partnership units		—			—			1,146		1,289
Incremental weighted average effect of stock awards and warrants of the REIT		—			—			3,078		1,848

Weighted average common partnership units outstanding - Diluted (3)		487,925			461,842			480,009		464,696

Net earnings (loss) per unit attributable to common unitholders -
Basic	$	0.00		$	(0.02	)	$	0.56	$	0.42
Diluted	$	0.00		$	(0.02	)	$	0.55	$	0.42

(1)	The increase in shares / units between the periods is due to an equity offering in April 2013. See Note 8 for more information.

(2)

Total weighted average potentially dilutive limited partnership units outstanding (in thousands) were 3,039 and 3,250 for the three months ended June 30, 2013 and 2012, respectively, and 3,053 and 3,299 for the six months ended June 30, 2013 and 2012, respectively. Total weighted average potentially dilutive stock awards and warrants outstanding (in thousands) were 14,047 and 9,835 for the three months ended June 30, 2013 and 2012, respectively, and 14,032 and 9,977 for the six months ended June 30, 2013 and 2012, respectively. Total weighted average potentially dilutive exchangeable debt outstanding (in thousands) were 11,879 for the three months and six months ended June 30, 2013 and 2012.

(3)

Total weighted average potentially dilutive limited partnership units outstanding (in thousands) were 1,146 and 1,285 for the three months ended June 30, 2013 and 2012, respectively, and 1,160 and 1,289 for the six months ended June 30, 2013 and 2012, respectively. Total weighted average potentially dilutive stock awards and warrants outstanding (in thousands) were 14,047 and 9,835 for the three months ended June 30, 2013 and 2012, respectively, and 14,032 and 9,977 for the six months ended June 30, 2013 and 2012, respectively. Total weighted average potentially dilutive exchangeable debt outstanding (in thousands) were 11,879 for the three months and six months ended June 30, 2013 and 2012.