
10.	Earning Per Share and Earnings Per Unit

Equity Residential

The following tables set forth the computation of net income per share – basic and net income per share – diluted for the Company (amounts in thousands except per share amounts):



	Six Months Ended June 30,						Quarter Ended June 30,
	2013			2012			2013			2012
Numerator for net income per share – basic and diluted (1):
(Loss) income from continuing operations	$	(209,793	)	$	(18,177	)	$	(51,455	)	$	474
Allocation to Noncontrolling Interests – Operating Partnership, net	8,513			1,139			1,963			154
Net loss (income) attributable to Noncontrolling Interests – Partially Owned Properties	790			(769		)	815			(319		)
Preferred distributions	(2,072		)	(6,933		)	(1,036		)	(3,467		)
(Loss) from continuing operations available to Common Shares, net of Noncontrolling Interests	(202,562		)	(24,740		)	(49,713		)	(3,158		)
Discontinued operations, net of Noncontrolling Interests	1,542,935			266,370			373,436			102,955
Numerator for net income per share – basic and diluted (1)	$	1,340,373		$	241,630		$	323,723		$	99,797
Denominator for net income per share – basic and diluted (1):
Denominator for net income per share – basic and diluted (1)	348,654			299,499			359,653			300,193
Net income per share – basic	$	3.84		$	0.81		$	0.90		$	0.33
Net income per share – diluted	$	3.84		$	0.81		$	0.90		$	0.33
Net income per share – basic:
(Loss) from continuing operations available to Common Shares, net of Noncontrolling Interests	$	(0.581	)	$	(0.082	)	$	(0.138	)	$	(0.011	)
Discontinued operations, net of Noncontrolling Interests	4.425			0.889			1.038			0.343
Net income per share – basic	$	3.844		$	0.807		$	0.900		$	0.332
Net income per share – diluted (1):
(Loss) from continuing operations available to Common Shares	$	(0.581	)	$	(0.082	)	$	(0.138	)	$	(0.011	)
Discontinued operations, net	4.425			0.889			1.038			0.343
Net income per share – diluted	$	3.844		$	0.807		$	0.900		$	0.332


(1)	Potential common shares issuable from the assumed conversion of OP Units and the exercise/vesting of long-term compensation shares/units are automatically anti-dilutive and therefore excluded from the diluted earnings per share calculation as the Company had a loss from continuing operations for the six months and quarters ended June 30, 2013 and 2012.

ERP Operating Limited Partnership

The following tables set forth the computation of net income per Unit – basic and net income per Unit – diluted for the Operating Partnership (amounts in thousands except per Unit amounts):



	Six Months Ended June 30,						Quarter Ended June 30,
	2013			2012			2013			2012
Numerator for net income per Unit – basic and diluted (1):
(Loss) income from continuing operations	$	(209,793	)	$	(18,177	)	$	(51,455	)	$	474
Net loss (income) attributable to Noncontrolling Interests – Partially Owned Properties	790			(769		)	815			(319		)
Allocation to Preference Units	(2,072		)	(6,933		)	(1,036		)	(3,467		)
(Loss) from continuing operations available to Units	(211,075		)	(25,879		)	(51,676		)	(3,312		)
Discontinued operations, net	1,607,559			278,659			388,187			107,841
Numerator for net income per Unit – basic and diluted (1)	$	1,396,484		$	252,780		$	336,511		$	104,529
Denominator for net income per Unit – basic and diluted (1):
Denominator for net income per Unit – basic and diluted (1)	362,390			313,133			373,403			314,255
Net income per Unit – basic	$	3.84		$	0.81		$	0.90		$	0.33
Net income per Unit – diluted	$	3.84		$	0.81		$	0.90		$	0.33
Net income per Unit – basic:
(Loss) from continuing operations available to Units	$	(0.581	)	$	(0.082	)	$	(0.138	)	$	(0.011	)
Discontinued operations, net	4.425			0.889			1.038			0.343
Net income per Unit – basic	$	3.844		$	0.807		$	0.900		$	0.332
Net income per Unit – diluted (1):
(Loss) from continuing operations available to Units	$	(0.581	)	$	(0.082	)	$	(0.138	)	$	(0.011	)
Discontinued operations, net	4.425			0.889			1.038			0.343
Net income per Unit – diluted	$	3.844		$	0.807		$	0.900		$	0.332


(1)	Potential Units issuable from the assumed exercise/vesting of the Company's long-term compensation shares/units are automatically anti-dilutive and therefore excluded from the diluted earnings per Unit calculation as the Operating Partnership had a loss from continuing operations for the six months and quarters ended June 30, 2013 and 2012.