Earnings Per Share

12 Months Ended

Dec. 31, 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 2014, 2013 and 2012, 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 2014, 2013, or 2012. 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,
	2014			2013			2012
	(In thousands, except per share data)
NUMERATOR
Income from continuing operations	$	167,888		$	137,811		$	142,972
Less: Preferred share dividends	(541		)	(541		)	(541		)
Less: Income from continuing operations attributable to noncontrolling interests	(7,754		)	(4,927		)	(4,307		)
Less: Earnings allocated to unvested shares	(1,003		)	(889		)	(845		)
Income from continuing operations available for common shareholders	158,590			131,454			137,279
Results from discontinued operations attributable to the Trust	—			24,803			1,400
Gain on sale of real estate	4,401			4,994			11,860
Net income available for common shareholders, basic and diluted	$	162,991		$	161,251		$	150,539
DENOMINATOR
Weighted average common shares outstanding—basic	67,322			65,331			63,881
Effect of dilutive securities:
Stock options	170			152			175
Weighted average common shares outstanding—diluted	67,492			65,483			64,056
EARNINGS PER COMMON SHARE, BASIC
Continuing operations	$	2.35		$	2.01		$	2.15
Discontinued operations	—			0.38			0.02
Gain on sale of real estate	0.07			0.08			0.19
	$	2.42		$	2.47		$	2.36
EARNINGS PER COMMON SHARE, DILUTED
Continuing operations	$	2.34		$	2.00		$	2.14
Discontinued operations	—			0.38			0.02
Gain on sale of real estate	0.07			0.08			0.19
	$	2.41		$	2.46		$	2.35
Income from continuing operations attributable to the Trust	$	160,134		$	132,884		$	138,665