Earnings Per Share

9 Months Ended

Sep. 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 September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Numerator:
Continuing Operations:
Income from continuing operations	$	31,956		$	32,703		$	88,279		$	87,633
Gain on sale of property	13,232			69,496			43,917			71,407
Net income attributable to noncontrolling interests	(1,787		)	(1,870		)	(5,119		)	(4,988		)
Dividends on preferred shares	—			(2,710		)	(3,830		)	(8,130		)
Redemption costs of preferred shares	—			—			(9,687		)	—
Income from continuing operations attributable to common shareholders – basic	43,401			97,619			113,560			145,922
Income attributable to operating partnership units	472			455			—			1,368
Income from continuing operations attributable to common shareholders – diluted	$	43,873		$	98,074		$	113,560		$	147,290
Discontinued Operations:
Income from discontinued operations	$	—		$	—		$	—		$	44,924
Net loss attributable to noncontrolling interests	—			—			—			52
Income from discontinued operations attributable to common shareholders – basic and diluted	$	—		$	—		$	—		$	44,976
Net Income:
Net income attributable to common shareholders – basic	$	43,401		$	97,619		$	113,560		$	190,898
Net income attributable to common shareholders – diluted	$	43,873		$	98,074		$	113,560		$	192,266
Denominator:
Weighted average shares outstanding – basic	123,349			121,560			122,929			121,487
Effect of dilutive securities:
Share options and awards	1,222			1,385			1,303			1,316
Operating partnership units	1,462			1,495			—			1,498
Weighted average shares outstanding – diluted	126,033			124,440			124,232			124,301

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,
	2015	2014	2015	2014
Share options ⁽¹⁾	898	1,210	896	1,916
Operating partnership units	—	—	1,476	—
Total anti-dilutive securities	898	1,210	2,372	1,916

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