Schedule of earnings per share |
In the dilutive EPS calculation, dilutive stock options were calculated using the treasury stock method consistent with prior periods. There were 682 anti-dilutive stock options in 2017, and no anti-dilutive stock options in 2016 or 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.
| | | | | | | | | | | | | | Year Ended December 31, | | 2017 | | 2016 | | 2015 | | (In thousands, except per share data) | NUMERATOR | | | | | | Income from continuing operations | $ | 219,948 |
| | $ | 226,425 |
| | $ | 190,094 |
| Less: Preferred share dividends | (2,458 | ) | | (541 | ) | | (541 | ) | Less: Income from continuing operations attributable to noncontrolling interests | (7,666 | ) | | (7,648 | ) | | (8,205 | ) | Less: Earnings allocated to unvested shares | (942 | ) | | (702 | ) | | (797 | ) | Income from continuing operations available for common shareholders | 208,882 |
| | 217,534 |
| | 180,551 |
| Gain on sale of real estate and change in control of interests, net | 77,632 |
| | 31,133 |
| | 28,330 |
| Net income available for common shareholders, basic and diluted | $ | 286,514 |
| | $ | 248,667 |
| | $ | 208,881 |
| DENOMINATOR | | | | | | Weighted average common shares outstanding—basic | 72,117 |
| | 70,877 |
| | 68,797 |
| Effect of dilutive securities: | | | | | | Stock options | 116 |
| | 172 |
| | 184 |
| Weighted average common shares outstanding—diluted | 72,233 |
| | 71,049 |
| | 68,981 |
| | | | | | | EARNINGS PER COMMON SHARE, BASIC | | | | | | Net income available for common shareholders | $ | 3.97 |
| | $ | 3.51 |
| | $ | 3.04 |
| EARNINGS PER COMMON SHARE, DILUTED | | | | | | Net income available for common shareholders | $ | 3.97 |
| | $ | 3.50 |
| | $ | 3.03 |
| Income from continuing operations attributable to the Trust | $ | 212,282 |
| | $ | 218,777 |
| | $ | 181,889 |
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