Earnings Per Share

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

Earnings per common share – basic is computed using net income attributable to common shareholders and the weighted average number of shares outstanding – basic. Earnings per common share – diluted includes the effect of potentially dilutive securities. Income from continuing operations attributable to common shareholders includes gain on sale of property in accordance with Securities and Exchange Commission guidelines. The components of earnings per common share – basic and diluted for the prior periods have been recast to conform with discontinued operations. Earnings per common share – basic and diluted components for the periods indicated are as follows (in thousands):

	Three Months Ended March 31,
	2014			2013
Numerator:
Continuing Operations:
Income from continuing operations	$	23,127		$	40,978
Gain on sale of property	163			142
Net income attributable to noncontrolling interests	(1,557		)	(1,073		)
Dividends on preferred shares	(2,710		)	(7,440		)
Redemption costs of preferred shares	—			(2,242		)
Income from continuing operations attributable to common shareholders – basic and diluted	$	19,023		$	30,365
Discontinued Operations:
Income from discontinued operations	$	41,491		$	3,697
Net loss (income) attributable to noncontrolling interests	79			(394		)
Income from discontinued operations attributable to common shareholders – basic and diluted	$	41,570		$	3,303
Denominator:
Weighted average shares outstanding - basic	121,401			121,058
Effect of dilutive securities:
Share options and awards	1,244			1,165
Weighted average shares outstanding - diluted	122,645			122,223

Anti-dilutive securities of our common shares, which are excluded from the calculation of earnings per common share – diluted, are as follows (in thousands):

	Three Months Ended March 31,
	2014	2013
Share options (1)	1,924	2,313
Operating partnership units	1,500	1,556
Total anti-dilutive securities	3,424	3,869

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(1) Exclusion results as exercise prices were greater than the average market price for each respective period.