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Earnings Per Common Share / Unit (Tables)
9 Months Ended
Sep. 30, 2013
Earnings Per Share [Abstract]  
Computation of Basic and Diluted Earnings Per Share Unit

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

   2013     2012     2013      2012  

Net earnings (loss) attributable to common stockholders

   $ (7,534   $ (46,526   $ 256,365       $ 147,767   

Noncontrolling interest attributable to exchangeable limited partnership units (1)

     (48     (152     1,446         935   
  

 

 

   

 

 

   

 

 

    

 

 

 

Adjusted net earnings (loss) attributable to common stockholders

   $ (7,582   $ (46,678   $ 257,811       $ 148,702   
  

 

 

   

 

 

   

 

 

    

 

 

 

Weighted average common shares outstanding - Basic (2)

     497,989        460,079        482,007         459,720   

Incremental weighted average effect on exchange of limited partnership units (1)

     1,859        1,900        3,099         3,260   

Incremental weighted average effect of stock awards and warrants

     —         —         3,303         1,958   
  

 

 

   

 

 

   

 

 

    

 

 

 

Weighted average common shares outstanding - Diluted (3)

     499,848        461,979        488,409         464,938   
  

 

 

   

 

 

   

 

 

    

 

 

 

Net earnings (loss) per share attributable to common stockholders - Basic and Diluted

   $ (0.02   $ (0.10   $ 0.53       $ 0.32   
  

 

 

   

 

 

   

 

 

    

 

 

 

Operating Partnership

                         

Net earnings (loss) attributable to common unitholders

   $ (7,582   $ (46,678   $ 257,374       $ 148,503   

Noncontrolling interest attributable to exchangeable limited partnership units

     —         —         437         199   
  

 

 

   

 

 

   

 

 

    

 

 

 

Adjusted net earnings (loss) attributable to common unitholders

   $ (7,582   $ (46,678   $ 257,811       $ 148,702   
  

 

 

   

 

 

   

 

 

    

 

 

 

Weighted average common partnership units outstanding - Basic (2)

     499,848        461,979        483,889         461,693   

Incremental weighted average effect on exchange of limited partnership units

     —         —         1,217         1,287   

Incremental weighted average effect of stock awards and warrants of the REIT

     —         —         3,303         1,958   
  

 

 

   

 

 

   

 

 

    

 

 

 

Weighted average common partnership units outstanding - Diluted (3)

     499,848        461,979        488,409         464,938   
  

 

 

   

 

 

   

 

 

    

 

 

 

Net earnings (loss) per unit attributable to common unitholders - Basic and Diluted

   $ (0.02   $ (0.10   $ 0.53       $ 0.32   
  

 

 

   

 

 

   

 

 

    

 

 

 

 

(1) Income (loss) allocated to the exchangeable Operating Partnership units not held by the REIT has been included in the numerator and exchangeable Operating Partnership units have been included in the denominator for the purpose of computing diluted earnings per share for all periods since the per share/unit amount is the same. Weighted average exchangeable Operating Partnership units outstanding (in thousands) were 1,859 and 1,900 for the three months ended September 30, 2013 and 2012, respectively and were 1,882 and 1,973 for the nine months ended September 30, 2013 and 2012, respectively.
(2) The increase in shares/units between the periods is due to an equity offering in April 2013. See Note 8 for more information.
(3) Total weighted average potentially dilutive stock awards and warrants outstanding (in thousands) were 14,133 and 9,633 for the three months ended September 30, 2013 and 2012, respectively, and 14,070 and 9,824 for the nine months ended September 30, 2013 and 2012, respectively. Total weighted average potentially dilutive shares/units from exchangeable debt outstanding (in thousands) were 11,879 for all periods presented. Total weighted average potentially dilutive limited partnership units outstanding (in thousands) were 1,950 and 1,285 for the three months ended September 30, 2013 and 2012, respectively and 1,426 and 1,287 for the nine months ended September 30, 2013 and 2012, respectively.