Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

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 for the three and six months ended June 30, 2019 and 2018. 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						Six Months Ended
	June 30,						June 30,
	2019			2018			2019			2018
	(In thousands, except per share data)
NUMERATOR
Net income	$	82,667		$	65,533		$	144,470		$	128,464
Less: Preferred share dividends	(2,011		)	(2,011		)	(4,021		)	(4,021		)
Less: Income from operations attributable to noncontrolling interests	(1,765		)	(1,938		)	(3,424		)	(3,622		)
Less: Earnings allocated to unvested shares	(226		)	(255		)	(439		)	(508		)
Net income available for common shareholders, basic and diluted	$	78,665		$	61,329		$	136,586		$	120,313
DENOMINATOR
Weighted average common shares outstanding—basic	74,713			72,990			74,458			72,948
Stock options	—			35			—			49
Weighted average common shares outstanding—diluted	74,713			73,025			74,458			72,997
EARNINGS PER COMMON SHARE, BASIC:
Net income available for common shareholders	$	1.05		$	0.84		$	1.83		$	1.65
EARNINGS PER COMMON SHARE, DILUTED:
Net income available for common shareholders	$	1.05		$	0.84		$	1.83		$	1.65