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Earnings Per Share
 9 Months Ended
Sep. 30, 2016
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 months ended September 30, 2016 and 2015, we had 0.2 million weighted average unvested shares outstanding, which are considered participating securities. For the nine months ended September 30, 2016 and 2015, we had 0.2 million and 0.3 million weighted average unvested shares outstanding, respectively, 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 nine months ended September 30, 2016 and 2015. 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
 
Nine Months Ended
 
September 30,
 
September 30,
 
2016
 
2015
 
2016
 
2015
 
(In thousands, except per share data)
NUMERATOR
 
 
 
 
 
 
 
Income from continuing operations
$
56,253

 
$
54,550

 
$
166,701

 
$
136,917

Less: Preferred share dividends
(136
)
 
(136
)
 
(406
)
 
(406
)
Less: Net income attributable to noncontrolling interests
(1,982
)
 
(2,103
)
 
(5,961
)
 
(6,161
)
Less: Earnings allocated to unvested shares
(170
)
 
(221
)
 
(534
)
 
(638
)
Income from continuing operations available for common shareholders
53,965

 
52,090

 
159,800

 
129,712

Gain on sale of real estate and change in control of interests, net
4,706

 
—

 
31,133

 
11,509

Net income available for common shareholders, basic and diluted
$
58,671

 
$
52,090

 
$
190,933

 
$
141,221

DENOMINATOR
 
 
 
 
 
 
 
Weighted average common shares outstanding—basic
71,319

 
69,006

 
70,626

 
68,637

Stock options
170

 
175

 
178

 
184

Weighted average common shares outstanding—diluted
71,489

 
69,181

 
70,804

 
68,821

 
 
 
 
 
 
 
 
EARNINGS PER COMMON SHARE, BASIC
 
 
 
 
 
 
 
Continuing operations
$
0.75

 
$
0.75

 
$
2.26

 
$
1.89

Gain on sale of real estate and change in control of interests, net
0.07

 
—

 
0.44

 
0.17

 
$
0.82

 
$
0.75

 
$
2.70

 
$
2.06

EARNINGS PER COMMON SHARE, DILUTED
 
 
 
 
 
 
 
Continuing operations
$
0.75

 
$
0.75

 
$
2.26

 
$
1.88

Gain on sale of real estate and change in control of interests, net
0.07

 
—

 
0.44

 
0.17

 
$
0.82

 
$
0.75

 
$
2.70

 
$
2.05

Income from continuing operations attributable to the Trust
$
54,271

 
$
52,447

 
$
160,740

 
$
130,756