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Earnings Per Share
 12 Months Ended
Dec. 31, 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 2016 and 2015, we had 0.2 million weighted average unvested shares outstanding, respectively, and in 2014, 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 2016, 2015, or 2014. 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,
 
2016
 
2015
 
2014
 
(In thousands, except per share data)
NUMERATOR
 
 
 
 
 
Income from continuing operations
$
226,425

 
$
190,094

 
$
167,888

Less: Preferred share dividends
(541
)
 
(541
)
 
(541
)
Less: Income from continuing operations attributable to noncontrolling interests
(7,648
)
 
(8,205
)
 
(7,754
)
Less: Earnings allocated to unvested shares
(702
)
 
(797
)
 
(1,003
)
Income from continuing operations available for common shareholders
217,534

 
180,551

 
158,590

Gain on sale of real estate and change in control of interests, net
31,133

 
28,330

 
4,401

Net income available for common shareholders, basic and diluted
$
248,667

 
$
208,881

 
$
162,991

DENOMINATOR
 
 
 
 
 
Weighted average common shares outstanding—basic
70,877

 
68,797

 
67,322

Effect of dilutive securities:
 
 
 
 
 
Stock options
172

 
184

 
170

Weighted average common shares outstanding—diluted
71,049

 
68,981

 
67,492

 
 
 
 
 
 
EARNINGS PER COMMON SHARE, BASIC
 
 
 
 
 
Continuing operations
$
3.07

 
$
2.63

 
$
2.35

Gain on sale of real estate and change in control of interests, net
0.44

 
0.41

 
0.07

 
$
3.51

 
$
3.04

 
$
2.42

EARNINGS PER COMMON SHARE, DILUTED
 
 
 
 
 
Continuing operations
$
3.06

 
$
2.62

 
$
2.34

Gain on sale of real estate and change in control of interests, net
0.44

 
0.41

 
0.07

 
$
3.50

 
$
3.03

 
$
2.41

Income from continuing operations attributable to the Trust
$
218,777

 
$
181,889

 
$
160,134