13.	Earnings Per Share

The following table provides a reconciliation of net income (loss) from continuing operations and the number of common shares used in the computations of “basic” earnings per share (“EPS”), which utilizes the weighted-average number of common shares outstanding without regard to dilutive potential common shares, and “diluted” EPS, which includes all such shares (in thousands, except per share amounts):

	Three Months						Nine Months
	Ended September 30,						Ended September 30,
	2015			2014			2015			2014
Numerators – Basic and Diluted
Continuing Operations:
Income (loss) from continuing operations	$	18,030		$	6,650		$	(242,198	)	$	54,426
Plus: Gain on disposition of real estate		41,793			2,262			78,154			2,645
Plus: (Income) loss attributable to non-controlling interests		(268	)		2,125			(1,590	)		1,623
Less: Write-off of preferred share original issuance costs		—			—			—			(1,943	)
Less: Preferred dividends		(5,594	)		(5,594	)		(16,781	)		(18,460	)
Less: Earnings attributable to unvested shares and operating partnership units		(221	)		(463	)		(1,075	)		(1,238	)
Income (loss) from continuing operations		53,740			4,980			(183,490	)		37,053
Discontinued Operations:
Income from discontinued operations		—			57,569			—			67,926
Plus: Loss attributable to non-controlling interests		—			—			—			1,362
Net income (loss) attributable to common shareholders after allocation to participating securities	$	53,740		$	62,549		$	(183,490	)	$	106,341
Denominators – Number of Shares
Basic—Average shares outstanding		361,107			358,025			360,341			357,824
Effect of dilutive securities:
Senior convertible notes		2,085			—			—			—
Stock options		379			487			—			468
Diluted—Average shares outstanding		363,571			358,512			360,341			358,292
Basic Earnings Per Share:
Income (loss) from continuing operations attributable to common shareholders	$	0.15		$	0.01		$	(0.51	)	$	0.10
Income from discontinued operations attributable to common shareholders		—			0.16			—			0.20
Net income (loss) attributable to common shareholders	$	0.15		$	0.17		$	(0.51	)	$	0.30
Diluted Earnings Per Share:
Income (loss) from continuing operations attributable to common shareholders	$	0.15		$	0.01		$	(0.51	)	$	0.10
Income from discontinued operations attributable to common shareholders		—			0.16			—			0.20
Net income (loss) attributable to common shareholders	$	0.15		$	0.17		$	(0.51	)	$	0.30

The following potentially dilutive securities were considered in the calculation of EPS:

Potentially Dilutive Securities

The Company’s senior convertible notes due 2040 (“Convertible Notes”) were not included in the computation of diluted EPS for the nine months ended September 30, 2015, due to the Company’s loss from continuing operations and for the three and nine months ended September 30, 2014, because the Company’s common share price did not exceed the conversion price in these periods. The Convertible Notes are considered a dilutive security for the computation of diluted EPS for the three months ended September 30, 2015, because the average price of the Company’s stock for the quarter ended exceeded the conversion price at September 30, 2015. In accordance with the terms specified in the governing documents, the Convertible Notes are convertible into common shares of the Company during the subsequent quarter if the Company’s trading price exceeds 125% of the conversion rate ($14.45 at September 30, 2015), for at least 20 trading days (whether consecutive or not consecutive) in the period of 30 consecutive trading days ending on the last trading day of the fiscal quarter. The Convertible Notes were not convertible at September 30, 2015. In October 2015, the Company commenced an offer to purchase the Convertible Notes per the terms of such notes and also called for redemption the balance of the outstanding Convertible Notes (Note 15).

Shares subject to issuance under the Company’s 2013 VSEP were not considered in the computation of diluted EPS for the three and nine months ended September 30, 2015 and 2014 because the calculation was anti-dilutive.

At September 30, 2015 and 2014, the Company had 398,701 and 1,441,890 OP Units outstanding, respectively. The exchange into common shares associated with OP Units was not included in the computation of diluted shares outstanding for all periods presented because the effect of assuming conversion was anti-dilutive.

Common Shares

Common share dividends declared per share were as follows:

	Three Months				Nine Months
	Ended September 30,				Ended September 30,
	2015		2014		2015		2014
Common share dividends declared per share	$	0.1725	$	0.155	$	0.5175	$	0.465

Non-controlling Interests

In July 2015, 1,043,189 OP Units were converted into an equivalent number of common shares of the Company. This transaction was treated as a purchase of a non-controlling interest.