Earnings Per Share

3 Months Ended

Mar. 31, 2016

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,
	2016			2015
Numerator:
Income from continuing operations	$	63,510		$	26,700
Gain on sale of property	45,157			22,522
Net income attributable to noncontrolling interests	(1,593		)	(1,575		)
Dividends on preferred shares	—			(2,710		)
Net income attributable to common shareholders - basic	107,074			44,937
Income attributable to operating partnership units	499			481
Net income attributable to common shareholders - diluted	$	107,573		$	45,418
Denominator:
Weighted average shares outstanding – basic	123,593			122,126
Effect of dilutive securities:
Share options and awards	1,216			1,430
Operating partnership units	1,462			1,487
Weighted average shares outstanding – diluted	126,271			125,043

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,
	2016	2015
Share options ⁽¹⁾	463	897

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