17.

Earnings / Loss 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 for the years ended December 31 (in thousands, except per share/unit amounts):


REIT	2013		2012		2011
Net earnings (loss) attributable to common stockholders	$	315,422	$	(80,946)	$	(188,110)
Noncontrolling interest attributable to exchangeable limited partnership units		1,305		(162)		(349)

Adjusted net earnings (loss) attributable to common stockholders	$	316,727	$	(81,108)	$	(188,459)

Weighted average common shares outstanding - Basic (1)		486,076		459,895		370,534

Incremental weighted average effect of exchange of limited partnership units (2)		2,060		1,953		1,196
Incremental weighted average effect of stock awards and warrants		3,410		-		-

Weighted average common shares outstanding - Diluted (3)		491,546		461,848		371,730

Net earnings (loss) per share attributable to common stockholders -
Basic	$	0.65	$	(0.18)	$	(0.51)
Diluted	$	0.64	$	(0.18)	$	(0.51)

Operating Partnership
Net earnings (loss) attributable to common unitholders	$	316,630	$	(81,108)	$	(188,459)
Noncontrolling interest attributable to exchangeable limited partnership units		97		-		-

Adjusted net earnings (loss) attributable to common unitholders	$	316,727	$	(81,108)	$	(188,459)

Weighted average common partnership units outstanding - Basic (1)		487,936		461,848		371,730
Incremental weighted average effect on exchange of limited partnership units		200		-		-
Incremental weighted average effect of stock awards and warrants of the REIT		3,410		-		-

Weighted average common partnership units outstanding - Diluted (3)		491,546		461,848		371,730

Net earnings (loss) per unit attributable to common unitholders -
Basic	$	0.65	$	(0.18)	$	(0.51)
Diluted	$	0.64	$	(0.18)	$	(0.51)

(1)	The increase in shares/units between the periods is due to the Merger and equity offering 2011 and an equity offering in April 2013.

(2)

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. The incremental weighted average exchangeable Operating Partnership units (in thousands) were 1,860, 1,953 and 1,196 for the years ended December 31, 2013, 2012 and 2011, respectively.

(3)

Total weighted average potentially dilutive stock awards and warrants outstanding (in thousands) were 13,998, 9,805, and 7,648 for the years ended December 31, 2013, 2012 and 2011, 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 1,558, 1,284, and 899 for the years ended December 31, 2013, 2012 and 2011, respectively.