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Earnings Per Share
 12 Months Ended
Dec. 31, 2015
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 2015, we had 0.2 million weighted average unvested shares outstanding, and in 2014 and 2013, we had 0.3 million, 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 2015, 2014, or 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.

 
Year Ended December 31,
 
2015
 
2014
 
2013
 
(In thousands, except per share data)
NUMERATOR
 
 
 
 
 
Income from continuing operations
$
190,094

 
$
167,888

 
$
137,811

Less: Preferred share dividends
(541
)
 
(541
)
 
(541
)
Less: Income from continuing operations attributable to noncontrolling interests
(8,205
)
 
(7,754
)
 
(4,927
)
Less: Earnings allocated to unvested shares
(797
)
 
(1,003
)
 
(889
)
Income from continuing operations available for common shareholders
180,551

 
158,590

 
131,454

Results from discontinued operations attributable to the Trust
—

 
—

 
24,803

Gain on sale of real estate
28,330

 
4,401

 
4,994

Net income available for common shareholders, basic and diluted
$
208,881

 
$
162,991

 
$
161,251

DENOMINATOR
 
 
 
 
 
Weighted average common shares outstanding—basic
68,797

 
67,322

 
65,331

Effect of dilutive securities:
 
 
 
 
 
Stock options
184

 
170

 
152

Weighted average common shares outstanding—diluted
68,981

 
67,492

 
65,483

EARNINGS PER COMMON SHARE, BASIC
 
 
 
 
 
Continuing operations
$
2.63

 
$
2.35

 
$
2.01

Discontinued operations
—

 
—

 
0.38

Gain on sale of real estate
0.41

 
0.07

 
0.08

 
$
3.04

 
$
2.42

 
$
2.47

EARNINGS PER COMMON SHARE, DILUTED
 
 
 
 
 
Continuing operations
$
2.62

 
$
2.34

 
$
2.00

Discontinued operations
—

 
—

 
0.38

Gain on sale of real estate
0.41

 
0.07

 
0.08

 
$
3.03

 
$
2.41

 
$
2.46

Income from continuing operations attributable to the Trust
$
181,889

 
$
160,134

 
$
132,884