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