Earnings Per Share

3 Months Ended

Mar. 31, 2017

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,
	2017			2016
Numerator:
Income from continuing operations	$	20,633		$	63,510
Gain on sale of property	15,763			45,157
Net income attributable to noncontrolling interests	(5,570		)	(1,593		)
Net income attributable to common shareholders - basic	30,826			107,074
Income attributable to operating partnership units	—			499
Net income attributable to common shareholders - diluted	$	30,826		$	107,573
Denominator:
Weighted average shares outstanding – basic	127,610			123,593
Effect of dilutive securities:
Share options and awards	938			1,216
Operating partnership units	—			1,462
Weighted average shares outstanding – diluted	128,548			126,271

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,
	2017	2016
Share options ⁽¹⁾	—	463
Operating partnership units	1,462	—
Total anti-dilutive securities	1,462	463

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