
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,
	2016			2015			2016			2015
Numerator for net income per share – basic:
Income from continuing operations	$	3,960,353		$	488,573		$	228,365		$	298,504
Allocation to Noncontrolling Interests – Operating Partnership, net	(152,093		)	(18,403		)	(8,779		)	(11,350		)
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties	(1,545		)	(1,487		)	(781		)	(844		)
Preferred distributions	(1,545		)	(1,724		)	(772		)	(833		)
Premium on redemption of Preferred Shares	—			(2,789		)	—			—
Income from continuing operations available to Common Shares, net of Noncontrolling Interests	3,805,170			464,170			218,033			285,477
Discontinued operations, net of Noncontrolling Interests	(118		)	259			34			110
Numerator for net income per share – basic	$	3,805,052		$	464,429		$	218,067		$	285,587
Numerator for net income per share – diluted:
Income from continuing operations	$	3,960,353		$	488,573		$	228,365		$	298,504
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties	(1,545		)	(1,487		)	(781		)	(844		)
Preferred distributions	(1,545		)	(1,724		)	(772		)	(833		)
Premium on redemption of Preferred Shares	—			(2,789		)	—			—
Income from continuing operations available to Common Shares	3,957,263			482,573			226,812			296,827
Discontinued operations, net	(122		)	269			35			114
Numerator for net income per share – diluted	$	3,957,141		$	482,842		$	226,847		$	296,941
Denominator for net income per share – basic and diluted:
Denominator for net income per share – basic	364,820			363,288			365,047			363,476
Effect of dilutive securities:
OP Units	13,792			13,592			13,887			13,587
Long-term compensation shares/units	3,400			3,466			3,131			3,428
Denominator for net income per share – diluted	382,012			380,346			382,065			380,491
Net income per share – basic	$	10.43		$	1.28		$	0.60		$	0.79
Net income per share – diluted	$	10.36		$	1.27		$	0.59		$	0.78
Net income per share – basic:
Income from continuing operations available to Common Shares, net of Noncontrolling Interests	$	10.43		$	1.28		$	0.60		$	0.79
Discontinued operations, net of Noncontrolling Interests	—			—			—			—
Net income per share – basic	$	10.43		$	1.28		$	0.60		$	0.79
Net income per share – diluted:
Income from continuing operations available to Common Shares	$	10.36		$	1.27		$	0.59		$	0.78
Discontinued operations, net	—			—			—			—
Net income per share – diluted	$	10.36		$	1.27		$	0.59		$	0.78

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,
	2016			2015			2016			2015
Numerator for net income per Unit – basic and diluted:
Income from continuing operations	$	3,960,353		$	488,573		$	228,365		$	298,504
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties	(1,545		)	(1,487		)	(781		)	(844		)
Allocation to Preference Units	(1,545		)	(1,724		)	(772		)	(833		)
Allocation to premium on redemption of Preference Units	—			(2,789		)	—			—
Income from continuing operations available to Units	3,957,263			482,573			226,812			296,827
Discontinued operations, net	(122		)	269			35			114
Numerator for net income per Unit – basic and diluted	$	3,957,141		$	482,842		$	226,847		$	296,941
Denominator for net income per Unit – basic and diluted:
Denominator for net income per Unit – basic	378,612			376,880			378,934			377,063
Effect of dilutive securities:
Dilution for Units issuable upon assumed exercise/vesting of the Company’s long-term compensation shares/units	3,400			3,466			3,131			3,428
Denominator for net income per Unit – diluted	382,012			380,346			382,065			380,491
Net income per Unit – basic	$	10.43		$	1.28		$	0.60		$	0.79
Net income per Unit – diluted	$	10.36		$	1.27		$	0.59		$	0.78
Net income per Unit – basic:
Income from continuing operations available to Units	$	10.43		$	1.28		$	0.60		$	0.79
Discontinued operations, net	—			—			—			—
Net income per Unit – basic	$	10.43		$	1.28		$	0.60		$	0.79
Net income per Unit – diluted:
Income from continuing operations available to Units	$	10.36		$	1.27		$	0.59		$	0.78
Discontinued operations, net	—			—			—			—
Net income per Unit – diluted	$	10.36		$	1.27		$	0.59		$	0.78