| 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 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 |
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