Earnings Per Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

EARNINGS PER SHARE

EARNINGS PER SHARE

We have calculated earnings per share (“EPS”) under the two-class method. The two-class method is an earnings allocation methodology whereby EPS for each class of common stock and participating securities is calculated according to dividends declared and participation rights in undistributed earnings. For 2011, 2010 and 2009, we had 0.3 million, 0.2 million and 0.2 million weighted average unvested shares outstanding, respectively, which are considered participating securities. Therefore, we have allocated our earnings for basic and diluted EPS between common shares and unvested shares; the portion of earnings allocated to the unvested shares is reflected as “earnings allocated to unvested shares” in the reconciliation below.

In the dilutive EPS calculation, dilutive stock options were calculated using the treasury stock method consistent with prior periods. Approximately 0.1 million, 0.2 million and 0.6 million stock options have been excluded in 2011, 2010 and 2009, respectively, as they were anti-dilutive. The conversions of downREIT operating partnership units and 5.417% Series 1 Cumulative Convertible Preferred Shares are anti-dilutive for all periods presented and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS.

	Year Ended December 31,
	2011			2010			2009
	(In thousands, except per share data)
NUMERATOR
Income from continuing operations	$	131,554		$	125,851		$	101,325
Less: Preferred share dividends	(541		)	(541		)	(541		)
Less: Income from continuing operations attributable to noncontrolling interests	(5,475		)	(5,247		)	(5,568		)
Less: Earnings allocated to unvested shares	(705		)	(572		)	(510		)
Income from continuing operations available for common shareholders	124,833			119,491			94,706
Results from discontinued operations attributable to the Trust	17,838			1,776			2,547
Gain on sale of real estate	—			410			—
Net income available for common shareholders, basic and diluted	$	142,671		$	121,677		$	97,253
DENOMINATOR
Weighted average common shares outstanding—basic	62,438			61,182			59,704
Effect of dilutive securities:
Stock options	165			142			126
Weighted average common shares outstanding—diluted	62,603			61,324			59,830
EARNINGS PER COMMON SHARE, BASIC
Continuing operations	$	2.00		$	1.95		$	1.59
Discontinued operations	0.29			0.03			0.04
Gain on sale of real estate	—			0.01			—
	$	2.29		$	1.99		$	1.63
EARNINGS PER COMMON SHARE, DILUTED
Continuing operations	$	1.99		$	1.94		$	1.59
Discontinued operations	0.29			0.03			0.04
Gain on sale of real estate	—			0.01			—
	$	2.28		$	1.98		$	1.63
Income from continuing operations attributable to the Trust	$	126,079		$	120,604		$	95,757