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Earnings Per Share
 12 Months Ended
Dec. 31, 2013
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 2013, 2012 and 2011, we had 0.3 million weighted average unvested shares outstanding, 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. There were no anti-dilutive stock options in 2013 or 2012. Approximately 0.1 million stock options were excluded in 2011 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,
 
2013
 
2012
 
2011
 
(In thousands, except per share data)
NUMERATOR
 
 
 
 
 
Income from continuing operations
$
137,811

 
$
142,972

 
$
130,319

Less: Preferred share dividends
(541
)
 
(541
)
 
(541
)
Less: Income from continuing operations attributable to noncontrolling interests
(4,927
)
 
(4,307
)
 
(5,475
)
Less: Earnings allocated to unvested shares
(889
)
 
(845
)
 
(705
)
Income from continuing operations available for common shareholders
131,454

 
137,279

 
123,598

Results from discontinued operations attributable to the Trust
24,803

 
1,400

 
19,073

Gain on sale of real estate
4,994

 
11,860

 
—

Net income available for common shareholders, basic and diluted
$
161,251

 
$
150,539

 
$
142,671

DENOMINATOR
 
 
 
 
 
Weighted average common shares outstanding—basic
65,331

 
63,881

 
62,438

Effect of dilutive securities:
 
 
 
 
 
Stock options
152

 
175

 
165

Weighted average common shares outstanding—diluted
65,483

 
64,056

 
62,603

EARNINGS PER COMMON SHARE, BASIC
 
 
 
 
 
Continuing operations
$
2.01

 
$
2.15

 
$
1.98

Discontinued operations
0.38

 
0.02

 
0.31

Gain on sale of real estate
0.08

 
0.19

 
—

 
$
2.47

 
$
2.36

 
$
2.29

EARNINGS PER COMMON SHARE, DILUTED
 
 
 
 
 
Continuing operations
$
2.00

 
$
2.14

 
$
1.97

Discontinued operations
0.38

 
0.02

 
0.31

Gain on sale of real estate
0.08

 
0.19

 
—

 
$
2.46

 
$
2.35

 
$
2.28

Income from continuing operations attributable to the Trust
$
132,884

 
$
138,665

 
$
124,844