EARNINGS PER COMMON SHARE

3 Months Ended

Mar. 31, 2016

EARNINGS PER COMMON SHARE

Basic earnings per Common Share is computed by dividing net income attributable to Common Shareholders by the weighted average Common Shares outstanding. At March 31, 2016, the Company has unvested LTIP Units (Note 13) which provide for non-forfeitable rights to dividend equivalent payments. Accordingly, these unvested LTIP Units are considered participating securities and are included in the computation of basic earnings per Common Share pursuant to the two-class method.

Diluted earnings per Common Share reflects the potential dilution of the conversion of obligations and the assumed exercises of securities including the effects of restricted share unit ("Restricted Share Units") and share option awards issued under the Company's Share Incentive Plans (Note 13). The effect of the assumed conversion of 188 Series A Preferred OP Units and 141,593 Series C Preferred OP Units into an aggregate 428,121 and 25,067 Common Shares, for the three months ended March 31, 2016 and March 31, 2015, respectively, would be dilutive and therefore are included in the computation of diluted earnings per share.

The effect of the conversion of Common OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Common Shares on a one-for-one basis. The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share.

The following table sets forth the computation of basic and diluted earnings per share from continuing operations for the periods indicated:



	Three Months Ended
	March 31,
(dollars in thousands, except per share amounts)	2016			2015
Numerator
Net income attributable to Common Shareholders	$	28,925		$	16,547
Less: net income attributable to participating securities	(365		)	(240		)
Net income attributable to Common Shareholders, net of income attributable to participating securities	28,560			16,307

Denominator
Weighted average shares for basic earnings per share	70,756			68,295
Effect of dilutive securities:
Employee Restricted Share Units and share options	16			40
Convertible Preferred OP Units	428			25
Denominator for diluted earnings per share	71,200			68,360

Basic and diluted earnings per Common Share attributable to Common Shareholders	$	0.40		$	0.24