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Earnings Per Share
 12 Months Ended
Dec. 31, 2019
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 2019, 2018, and 2017 we had 0.2 million weighted average unvested shares outstanding, 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 682 anti-dilutive stock options in 2019, 2018, and 2017, respectively. 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,
 
2019
 
2018
 
2017
 
(In thousands, except per share data)
NUMERATOR
 
 
 
 
 
Net income
$
360,542

 
$
249,026

 
$
297,870

Less: Preferred share dividends
(8,042
)
 
(8,042
)
 
(2,458
)
Less: Income from operations attributable to noncontrolling interests
(6,676
)
 
(7,119
)
 
(7,956
)
Less: Earnings allocated to unvested shares
(1,007
)
 
(930
)
 
(942
)
Net income available for common shareholders, basic and diluted
$
344,817

 
$
232,935

 
$
286,514

DENOMINATOR
 
 
 
 
 
Weighted average common shares outstanding—basic
74,766

 
73,274

 
72,117

Stock options
—

 
28

 
116

Weighted average common shares outstanding—diluted
74,766

 
73,302

 
72,233

 
 
 
 
 
 
EARNINGS PER COMMON SHARE, BASIC
 
 
 
 
 
Net income available for common shareholders
$
4.61

 
$
3.18

 
$
3.97

EARNINGS PER COMMON SHARE, DILUTED
 
 
 
 
 
Net income available for common shareholders
$
4.61

 
$
3.18

 
$
3.97