| Earnings Per Share (EPS) |
Earnings Per Share (EPS)
We calculate basic EPS by dividing the net income attributable to common stockholders for the period by the weighted average number of common shares outstanding during the period. We calculate diluted EPS by dividing the net income attributable to common stockholders and holders of equity in our consolidated operating partnership for the period by the weighted average number of common shares and dilutive instruments outstanding during the period using the treasury stock method. The table below presents the calculation of basic and diluted EPS: | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2013 | | 2012 | | 2013 | | 2012 | Numerator (in thousands): | |
| | |
| | |
| | |
| Net income attributable to common stockholders | $ | 13,635 |
| | $ | 6,527 |
| | $ | 25,717 |
| | $ | 11,913 |
| Add back: Net income attributable to noncontrolling interests in our Operating Partnership | 2,711 |
| | 1,431 |
| | 5,127 |
| | 2,641 |
| Numerator for diluted net income attributable to all equity holders | $ | 16,346 |
| | $ | 7,958 |
| | $ | 30,844 |
| | $ | 14,554 |
| | | | | | | | | Denominator (in thousands): | | | | | | | | Weighted average shares of common stock outstanding - basic | 142,581 |
| | 139,651 |
| | 142,511 |
| | 139,025 |
| Effect of dilutive securities (1) : | | | | | | | | Operating partnership units and vested long term incentive plan (LTIP) units | 28,341 |
| | 30,548 |
| | 28,412 |
| | 30,825 |
| Stock options | 3,736 |
| | 2,392 |
| | 3,461 |
| | 2,106 |
| Unvested LTIP units | 594 |
| | 602 |
| | 553 |
| | 525 |
| Weighted average shares of common stock and common stock equivalents outstanding - diluted | 175,252 |
| | 173,193 |
| | 174,937 |
| | 172,481 |
| | | | | | | | | Basic earnings per share: | | | |
| | | | | Net income attributable to common stockholders per share | $ | 0.10 |
| | $ | 0.05 |
| | $ | 0.18 |
| | $ | 0.09 |
| Diluted earnings per share: | |
| | |
| | | | | Net income attributable to common stockholders per share | $ | 0.09 |
| | $ | 0.05 |
| | $ | 0.18 |
| | $ | 0.08 |
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| | (1) | Diluted shares are calculated in accordance with GAAP, and represent ownership in our company through shares of common stock, units in our operating partnership, and other convertible equity instruments. |
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