Earnings Per Share

6 Months Ended

Jun. 30, 2015

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 June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Numerator:
Continuing Operations:
Income from continuing operations	$	29,623		$	31,803		$	56,323		$	54,930
Gain on sale of property	8,163			1,748			30,685			1,911
Net income attributable to noncontrolling interests	(1,757		)	(1,561		)	(3,332		)	(3,118		)
Dividends on preferred shares	(1,120		)	(2,710		)	(3,830		)	(5,420		)
Redemption costs of preferred shares	(9,687		)	—			(9,687		)	—
Income from continuing operations attributable to common shareholders – basic and diluted	$	25,222		$	29,280		$	70,159		$	48,303
Discontinued Operations:
Income from discontinued operations	$	—		$	3,433		$	—		$	44,924
Net (income) loss attributable to noncontrolling interests	—			(27		)	—			52
Income from discontinued operations attributable to common shareholders – basic and diluted	$	—		$	3,406		$	—		$	44,976
Net Income:
Net income attributable to common shareholders – basic and diluted	$	25,222		$	32,686		$	70,159		$	93,279
Denominator:
Weighted average shares outstanding – basic	123,298			121,497			122,715			121,449
Effect of dilutive securities:
Share options and awards	1,252			1,337			1,344			1,292
Weighted average shares outstanding – diluted	124,550			122,834			124,059			122,741

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 June 30,		Six Months Ended June 30,
	2015	2014	2015	2014
Share options ⁽¹⁾	899	1,924	897	1,924
Operating partnership units	1,480	1,499	1,483	1,499
Total anti-dilutive securities	2,379	3,423	2,380	3,423

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