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

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(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.