Earnings Per Share

6 Months Ended

Jun. 30, 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 June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
Numerator:
Income from continuing operations	$	36,618		$	29,623		$	100,128		$	56,323
Gain on sale of property	1,033			8,163			46,190			30,685
Net income attributable to noncontrolling interests	(1,835		)	(1,757		)	(3,428		)	(3,332		)
Dividends on preferred shares	—			(1,120		)	—			(3,830		)
Redemption costs of preferred shares	—			(9,687		)	—			(9,687		)
Net income attributable to common shareholders - basic	35,816			25,222			142,890			70,159
Income attributable to operating partnership units	—			—			998			—
Net income attributable to common shareholders - diluted	$	35,816		$	25,222		$	143,888		$	70,159
Denominator:
Weighted average shares outstanding – basic	125,791			123,298			124,692			122,715
Effect of dilutive securities:
Share options and awards	1,053			1,252			1,136			1,344
Operating partnership units	—			—			1,462			—
Weighted average shares outstanding – diluted	126,844			124,550			127,290			124,059

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,
	2016	2015	2016	2015
Share options ⁽¹⁾	462	899	462	897
Operating partnership units	1,462	1,480	—	1,483
Total anti-dilutive securities	1,924	2,379	462	2,380

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