Earnings Per Share

3 Months Ended

Mar. 31, 2015

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. Earnings per common share – basic and diluted components for the periods indicated are as follows (in thousands):

	Three Months Ended   March 31,
	2015			2014
Numerator:
Continuing Operations:
Income from continuing operations	$	26,700		$	23,127
Gain on sale of property	22,522			163
Net income attributable to noncontrolling interests	(1,575		)	(1,557		)
Dividends on preferred shares	(2,710		)	(2,710		)
Income from continuing operations attributable to common shareholders – basic	44,937			19,023
Income attributable to operating partnership units	481			—
Income from continuing operations attributable to common shareholders – diluted	$	45,418		$	19,023
Discontinued Operations:
Income from discontinued operations	$	—		$	41,491
Net loss attributable to noncontrolling interests	—			79
Income from discontinued operations attributable to common shareholders – basic and diluted	$	—		$	41,570
Net Income:
Net income attributable to common shareholders – basic	$	44,937		$	60,593
Net income attributable to common shareholders – diluted	$	45,418		$	60,593
Denominator:
Weighted average shares outstanding – basic	122,126			121,401
Effect of dilutive securities:
Share options and awards	1,430			1,244
Operating partnership units	1,487			—
Weighted average shares outstanding – diluted	125,043			122,645

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,
	2015	2014
Share options (1)	897	1,924
Operating partnership units	—	1,500
Total anti-dilutive securities	897	3,424

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