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Per Share Data
9 Months Ended
Sep. 30, 2017
Earnings Per Share [Abstract]  
Per Share Data
3. Per Share Data
Basic earnings per share is computed using net income attributable to common shareholders and the weighted average number of common shares outstanding. Diluted earnings per share reflects common shares issuable from the assumed conversion of common share options and share awards granted and units convertible into common shares. Only those items having a dilutive impact on our basic earnings per share are included in diluted earnings per share. Our unvested share-based awards are considered participating securities and are reflected in the calculation of basic and diluted earnings per share using the two-class method. The number of common share equivalent securities excluded from the diluted earnings per share calculation was approximately 1.4 million and 2.4 million for the three months ended September 30, 2017 and 2016, respectively, and was approximately 1.5 million and 2.5 million for the nine months ended September 30, 2017 and 2016, respectively. These securities, which include common share options and share awards granted and units convertible into common shares, were excluded from the diluted earnings per share calculations as they are anti-dilutive.
The following table presents information necessary to calculate basic and diluted earnings per share for the periods indicated:
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
(in thousands, except per share amounts)
 
2017
 
2016
 
2017
 
2016
Earnings per common share calculation – basic
 
 
 
 
 
 
 
 
Income from continuing operations attributable to common shareholders
 
$
34,384

 
$
290,898

 
$
108,433

 
$
396,088

Amount allocated to participating securities
 
(21
)
 
(1,625
)
 
(133
)
 
(6,142
)
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities
 
$
34,363

 
$
289,273

 
$
108,300

 
$
389,946

Income from discontinued operations, including gain on sale, attributable to common shareholders
 

 

 

 
382,842

Net income attributable to common shareholders – basic
 
$
34,363

 
$
289,273

 
$
108,300

 
$
772,788

 
 
 
 
 
 
 
 
 
Earnings per common share from continuing operations
 
$
0.38

 
$
3.23

 
$
1.20

 
$
4.35

Earnings per common share from discontinued operations
 

 

 

 
4.28

Total earnings per common share – basic
 
$
0.38

 
$
3.23

 
$
1.20

 
$
8.63

 
 
 
 
 
 
 
 
 
Weighted average number of common shares outstanding – basic
 
91,011

 
89,669

 
90,351

 
89,524

 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
(in thousands, except per share amounts)
 
2017
 
2016
 
2017
 
2016
Earnings per common share calculation – diluted
 
 
 
 
 
 
 
 
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities
 
$
34,363

 
$
289,273

 
$
108,300

 
$
389,946

Income allocated to common units from continuing operations
 
294

 

 
869

 

Income from continuing operations attributable to common shareholders, as adjusted
 
$
34,657

 
$
289,273

 
$
109,169

 
$
389,946

Income from discontinued operations, including gain on sale, attributable to common shareholders
 

 

 

 
382,842

Net income attributable to common shareholders – diluted
 
$
34,657

 
$
289,273

 
$
109,169

 
$
772,788

 
 
 
 
 
 
 
 


Earnings per common share from continuing operations
 
$
0.38

 
$
3.21

 
$
1.20

 
$
4.34

Earnings per common share from discontinued operations
 

 

 

 
4.26

Total earnings per common share – diluted
 
$
0.38

 
$
3.21

 
$
1.20

 
$
8.60

 
 
 
 
 
 
 
 
 
Weighted average number of common shares outstanding – basic
 
91,011

 
89,669

 
90,351

 
89,524

Incremental shares issuable from assumed conversion of:
 
 
 
 
 
 
 
 
Common share options and share awards granted
 
217

 
343

 
189

 
334

Common units
 
805

 

 
805

 

Weighted average number of common shares outstanding – diluted
 
92,033

 
90,012

 
91,345

 
89,858