Earnings per Share and Unit

Parent Company Earnings per Share

The following summarizes the calculation of basic and diluted earnings per share (in thousands except per share data):



		Three months ended June 30,			Six months ended June 30,
		2014	2013		2014	2013
Numerator:
Continuing Operations
Income from continuing operations	$	29,470	21,642	$	53,811	40,153
Gain on sale of real estate		1,691	1,717		2,406	1,717
Less: income (loss) attributable to noncontrolling interests		413	313		814	622
Income from continuing operations attributable to the Company		30,748	23,046		55,403	41,248
Less: preferred stock dividends		5,266	5,265		10,531	10,531
Less: dividends paid on unvested restricted stock		176	185		353	369
Income from continuing operations attributable to common stockholders - basic		25,306	17,596		44,519	30,348
Add: dividends paid on Treasury Method restricted stock		22	30		31	52
Income from continuing operations attributable to common stockholders - diluted		25,328	17,626		44,550	30,400
Discontinued Operations
Income from discontinued operations		—	14,110		—	16,733
Less: income from discontinued operations attributable to noncontrolling interests		—	27		—	32
Income from discontinued operations attributable to the Company		—	14,083		—	16,701
Net Income
Net income attributable to common stockholders - basic		25,306	31,679		44,519	47,049
Net income attributable to common stockholders - diluted	$	25,328	31,709	$	44,550	47,101
Denominator:
Weighted average common shares outstanding for basic EPS		91,975	91,422		91,958	90,742
Incremental shares to be issued under unvested restricted stock		46	64		33	56
Weighted average common shares outstanding for diluted EPS		92,021	91,486		91,991	90,798
Income per common share – basic
Continuing operations	$	0.28	0.19	$	0.48	0.34
Discontinued operations		—	0.16		—	0.18
Net income attributable to common stockholders	$	0.28	0.35	$	0.48	0.52
Income per common share – diluted
Continuing operations	$	0.28	0.19	$	0.48	0.34
Discontinued operations		—	0.16		—	0.18
Net income attributable to common stockholders	$	0.28	0.35	$	0.48	0.52

Income allocated to noncontrolling interests of the Operating Partnership has been excluded from the numerator and exchangeable Operating Partnership units have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would have no impact. Weighted average exchangeable Operating Partnership units outstanding for the three and six months ended June 30, 2014 were 159,338 and 159,804, respectively, and for the three and six months ended June 30, 2013 were 177,164.

Operating Partnership Earnings per Unit

The following summarizes the calculation of basic and diluted earnings per unit (in thousands except per unit data):



		Three months ended June 30,			Six months ended June 30,
		2014	2013		2014	2013
Numerator:
Continuing Operations
Income from continuing operations	$	29,470	21,642	$	53,811	40,153
Gain on sale of real estate		1,691	1,717		2,406	1,717
Less: income attributable to noncontrolling interests		360	242		719	513
Income from continuing operations attributable to the Partnership		30,801	23,117		55,498	41,357
Less: preferred unit distributions		5,266	5,265		10,531	10,531
Less: dividends paid on unvested restricted units		176	185		353	369
Income from continuing operations attributable to common unit holders - basic		25,359	17,667		44,614	30,457
Add: dividends paid on Treasury Method restricted units		22	30		31	52
Income from continuing operations attributable to common unit holders - diluted		25,381	17,697		44,645	30,509
Discontinued Operations
Income from discontinued operations		—	14,110		—	16,733
Less: income from discontinued operations attributable to noncontrolling interests		—	28		—	32
Income from discontinued operations attributable to the Partnership		—	14,082		—	16,701
Net Income
Net income attributable to common unit holders - basic		25,359	31,749		44,614	47,158
Net income attributable to common unit holders - diluted	$	25,381	31,779	$	44,645	47,210
Denominator:
Weighted average common units outstanding for basic EPU		92,134	91,600		92,118	90,920
Incremental units to be issued under unvested restricted stock		46	64		33	56
Weighted average common units outstanding for diluted EPU		92,180	91,664		92,151	90,976
Income per common unit – basic
Continuing operations	$	0.28	0.19	$	0.48	0.34
Discontinued operations		—	0.16		—	0.18
Net income attributable to common unit holders	$	0.28	0.35	$	0.48	0.52
Income per common unit – diluted
Continuing operations	$	0.28	0.19	$	0.48	0.34
Discontinued operations		—	0.16		—	0.18
Net income attributable to common unit holders	$	0.28	0.35	$	0.48	0.52