XML 58 R17.htm IDEA: XBRL DOCUMENT v2.4.1.9
Earnings Per Share (EPS)
 3 Months Ended
Mar. 31, 2015
Earnings Per Share [Abstract]  
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 noncontrolling interests 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. We account for unvested LTIP awards that contain nonforfeitable rights to dividends as participating securities and include these securities in the computation of EPS using the two-class method. The table below presents the calculation of basic and diluted EPS:

 
Three Months Ended March 31,
 
2015
 
2014
Numerator (in thousands):
 

 
 

Net income attributable to common stockholders
$
18,699

 
$
12,976

Allocation to participating securities: Unvested LTIP units
(116
)
 
(59
)
Numerator for basic and diluted net income attributable to common stockholders
$
18,583

 
$
12,917

 
 
 
 
Denominator (in thousands):
 
 
 
Weighted average shares of common stock outstanding - basic
145,327

 
143,140

Effect of dilutive securities(1): Stock options
4,475

 
3,721

Weighted average shares of common stock and common stock equivalents outstanding - diluted
149,802

 
146,861

 
 
 
 
Basic earnings per share:
 
 
 

Net income attributable to common stockholders per share
$
0.128

 
$
0.090

 
 
 
 
Diluted earnings per share:
 

 
 

Net income attributable to common stockholders per share
$
0.124

 
$
0.088


____________________________________________________
(1)
Diluted shares are calculated in accordance with GAAP, and represent ownership in our company through shares of common stock and other convertible equity instruments. For the three months ended March 31, 2015 and 2014, weighted average Operating Partnership units and vested LTIP units of 27.2 million and 28.5 million, and unvested LTIP units of 503 thousand and 439 thousand, respectively, were excluded from the computation of the weighted average diluted shares because the effect would be anti-dilutive.