Earnings Per Share

6 Months Ended

Jun. 30, 2014

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 the three and six months ended June 30, 2014 and 2013, 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 for the three and six months ended June 30, 2014 and 2013. 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.

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2014			2013			2014			2013
	(In thousands, except per share data)
NUMERATOR
Income from continuing operations	$	45,416		$	33,379		$	85,961		$	68,818
Less: Preferred share dividends	(135		)	(135		)	(271		)	(271		)
Less: Income from continuing operations attributable to noncontrolling interests	(1,871		)	(1,258		)	(3,663		)	(2,512		)
Less: Earnings allocated to unvested shares	(237		)	(214		)	(475		)	(428		)
Income from continuing operations available for common shareholders	43,173			31,772			81,552			65,607
Results from discontinued operations attributable to the Trust	—			424			—			827
Gain on sale of real estate	—			4,994			—			4,994
Net income available for common shareholders, basic and diluted	$	43,173		$	37,190		$	81,552		$	71,428
DENOMINATOR
Weighted average common shares outstanding—basic	67,110			65,149			66,858			64,922
Effect of dilutive securities:
Stock options	167			162			163			158
Weighted average common shares outstanding—diluted	67,277			65,311			67,021			65,080
EARNINGS PER COMMON SHARE, BASIC
Continuing operations	$	0.64		$	0.49		$	1.22		$	1.01
Discontinued operations	—			—			—			0.01
Gain on sale of real estate	—			0.08			—			0.08
	$	0.64		$	0.57		$	1.22		$	1.10
EARNINGS PER COMMON SHARE, DILUTED
Continuing operations	$	0.64		$	0.49		$	1.22		$	1.01
Discontinued operations	—			—			—			0.01
Gain on sale of real estate	—			0.08			—			0.08
	$	0.64		$	0.57		$	1.22		$	1.10
Income from continuing operations attributable to the Trust	$	43,545		$	32,121		$	82,298		$	66,306