Earnings Per Share

6 Months Ended

Jun. 30, 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 June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
Numerator:
Income from continuing operations	$	36,969		$	36,618		$	57,602		$	100,128
Gain on sale of property	32,224			1,033			47,987			46,190
Net income attributable to noncontrolling interests	(5,341		)	(1,835		)	(10,911		)	(3,428		)
Net income attributable to common shareholders - basic	63,852			35,816			94,678			142,890
Income attributable to operating partnership units	526			—			—			998
Net income attributable to common shareholders - diluted	$	64,378		$	35,816		$	94,678		$	143,888
Denominator:
Weighted average shares outstanding – basic	127,788			125,791			127,700			124,692
Effect of dilutive securities:
Share options and awards	848			1,053			894			1,136
Operating partnership units	1,459			—			—			1,462
Weighted average shares outstanding – diluted	130,095			126,844			128,594			127,290

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,
	2017	2016	2017	2016
Share options ⁽¹⁾	207	462	—	462
Operating partnership units	—	1,462	1,460	—
Total anti-dilutive securities	207	1,924	1,460	462

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