16.	Earnings Per Share

The following table provides a reconciliation of net (loss) income 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):

	For the Year Ended December 31,
	2016			2015			2014
Numerators – Basic and Diluted
Continuing Operations:
(Loss) income from continuing operations	$	(12,187	)	$	(237,881	)	$	21,107
Plus: Gain on disposition of real estate		73,386			167,571			3,060
Plus: (Income) loss attributable to non-controlling interests		(1,187	)		(1,858	)		2,356
Less: Write-off of preferred share original issuance costs		—			—			(1,943	)
Less: Preferred dividends		(22,375	)		(22,375	)		(24,054	)
Less: Earnings attributable to unvested shares and OP Units		(786	)		(1,286	)		(1,684	)
Income (loss) from continuing operations		36,851			(95,829	)		(1,158	)
Discontinued Operations:
Income from discontinued operations		—			—			89,398
Plus: Loss attributable to non-controlling interests		—			—			1,361
Net income (loss) attributable to common shareholders after allocation to participating securities	$	36,851		$	(95,829	)	$	89,601
Denominators – Number of Shares
Basic—Average shares outstanding		365,294			360,946			358,122
Effect of dilutive securities—Stock options		267			—			—
Diluted—Average shares outstanding		365,561			360,946			358,122

Basic Earnings Per Share:
Income (loss) from continuing operations attributable to common shareholders	$	0.10		$	(0.27	)	$	0.00
Income from discontinued operations attributable to common shareholders		—			—			0.25
Net income (loss) attributable to common shareholders	$	0.10		$	(0.27	)	$	0.25
Diluted Earnings Per Share:
Income (loss) from continuing operations attributable to common shareholders	$	0.10		$	(0.27	)	$	0.00
Income from discontinued operations attributable to common shareholders		—			—			0.25
Net income (loss) attributable to common shareholders	$	0.10		$	(0.27	)	$	0.25

Basic average shares outstanding do not include restricted shares totaling 0.5 million, 0.7 million and 1.2 million that were not vested at December 31, 2016, 2015 and 2014, respectively (Note 15).

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

Potentially Dilutive Securities

•

Options to purchase 1.8 million, 2.8 million and 3.0 million common shares were outstanding at December 31, 2016, 2015 and 2014, respectively (Note 15). These outstanding options were not considered in the computation of diluted EPS for the years ended December 31, 2015 and 2014, as the options were anti-dilutive due to the Company’s loss from continuing operations.

•

Shares subject to issuance under the Company’s 2016 VSEP (Note 15) were not considered in the computation of diluted EPS for the year ended December 31, 2016, as the calculation was anti-dilutive. The 2016 VSEP was not outstanding for the years ended December 31, 2015 and 2014, and accordingly was not considered in the calculations.

•

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 (Note 10).

•

Shares subject to issuance under the Company’s 2013 VSEP were not considered in the computation of diluted EPS for the year ended December 31, 2014, as the calculation was anti-dilutive. The final measurement date for the 2013 VSEP was December 31, 2015, and accordingly not dilutive.

•

The Company’s senior convertible notes due 2040 were not included in the computation of diluted EPS for the year ended December 31, 2014, due to the Company’s loss from continuing operations. These notes were repaid in 2015 (Note 7). The senior convertible notes had a conversion price of $14.85 at December 31, 2014.