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Earnings Per Share
 9 Months Ended
Sep. 30, 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
September 30,
 
Nine Months Ended
September 30,
 
2014
 
2013
 
2014
 
2013
Numerator:
 
 
 
 
 
 
 
Continuing Operations:
 
 
 
 
 
 
 
Income from continuing operations
$
32,703

 
$
21,689

 
$
87,633

 
$
84,663

Gain on sale of property
69,496

 
163

 
71,407

 
570

Net income attributable to noncontrolling interests
(1,870
)
 
(1,921
)
 
(4,988
)
 
(3,914
)
Dividends on preferred shares
(2,710
)
 
(2,710
)
 
(8,130
)
 
(15,463
)
Redemption costs of preferred shares
—

 
—

 
—

 
(17,944
)
Income from continuing operations attributable to
common shareholders – basic
97,619

 
17,221


145,922


47,912

Income attributable to operating partnership units
455

 
—

 
1,368

 
—

Income from continuing operations attributable to
common shareholders – diluted
$
98,074

 
$
17,221

 
$
147,290

 
$
47,912

Discontinued Operations:
 
 
 
 
 
 
 
Income from discontinued operations
$
—

 
$
40,537

 
$
44,924

 
$
126,151

Net loss (income) attributable to noncontrolling interests
—

 
74

 
52

 
(37,142
)
Income from discontinued operations attributable to
common shareholders – basic and diluted
$
—

 
$
40,611

 
$
44,976

 
$
89,009

Denominator:
 
 
 
 
 
 
 
Weighted average shares outstanding - basic
121,560

 
121,359

 
121,487

 
121,235

Effect of dilutive securities:
 
 
 
 
 
 
 
Share options and awards
1,385

 
1,172

 
1,316

 
1,206

Operating partnership units
1,495

 
—

 
1,498

 
—

Weighted average shares outstanding - diluted
124,440

 
122,531

 
124,301

 
122,441


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
September 30,
 
Nine Months Ended
September 30,
 
2014
 
2013
 
2014
 
2013
Share options (1)
1,210

 
1,929

 
1,916

 
1,929

Operating partnership units
—

 
1,555

 
—

 
1,555

Total anti-dilutive securities
1,210

 
3,484

 
1,916

 
3,484

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