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 September 30,			Nine months ended September 30,
		2014	2013		2014	2013
Numerator:
Continuing Operations
Income from continuing operations	$	25,882	23,016	$	80,061	63,170
Gain on sale of real estate, net of tax		27,558	56		29,598	1,773
Less: income (loss) attributable to noncontrolling interests		232	367		1,048	990
Income from continuing operations attributable to the Company		53,208	22,705		108,611	63,953
Less: preferred stock dividends		5,266	5,266		15,797	15,797
Less: dividends paid on unvested restricted stock		149	148		448	445
Income from continuing operations attributable to common stockholders - basic		47,793	17,291		92,366	47,711
Add: dividends paid on Treasury Method restricted stock		24	15		50	55
Income from continuing operations attributable to common stockholders - diluted		47,817	17,306		92,416	47,766
Discontinued Operations
Income from discontinued operations		—	17,592		—	34,325
Less: income from discontinued operations attributable to noncontrolling interests		—	33		—	65
Income from discontinued operations attributable to the Company		—	17,559		—	34,260
Net Income
Net income attributable to common stockholders - basic		47,793	34,850		92,366	81,971
Net income attributable to common stockholders - diluted	$	47,817	34,865	$	92,416	82,026
Denominator:
Weighted average common shares outstanding for basic EPS		92,345	91,985		92,071	91,147
Incremental shares to be issued under unvested restricted stock		51	33		36	40
Incremental shares to be issued for common stock options		—	—		—	—
Weighted average common shares outstanding for diluted EPS		92,396	92,018		92,107	91,187
Income per common share – basic
Continuing operations	$	0.52	0.19	$	1.00	0.52
Discontinued operations		—	0.19		—	0.38
Net income attributable to common stockholders	$	0.52	0.38	$	1.00	0.90
Income per common share – diluted
Continuing operations	$	0.52	0.19	$	1.00	0.52
Discontinued operations		—	0.19		—	0.38
Net income attributable to common stockholders	$	0.52	0.38	$	1.00	0.90

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 nine months ended September 30, 2014 were 158,920 and 159,229, respectively, and for the three and nine months ended September 30, 2013 were 167,649 and 173,946, respectively.

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 September 30,			Nine months ended September 30,
		2014	2013		2014	2013
Numerator:
Continuing Operations
Income from continuing operations	$	25,882	23,016	$	80,061	63,170
Gain on sale of real estate, net of tax		27,558	56		29,598	1,773
Less: income attributable to noncontrolling interests		142	294		863	807
Income from continuing operations attributable to the Partnership		53,298	22,778		108,796	64,136
Less: preferred unit distributions		5,266	5,266		15,797	15,797
Less: dividends paid on unvested restricted units		149	148		448	445
Income from continuing operations attributable to common unit holders - basic		47,883	17,364		92,551	47,894
Add: dividends paid on Treasury Method restricted units		24	15		50	55
Income from continuing operations attributable to common unit holders - diluted		47,907	17,379		92,601	47,949
Discontinued Operations
Income from discontinued operations		—	17,592		—	34,325
Less: income from discontinued operations attributable to noncontrolling interests			33			65
Income from discontinued operations attributable to the Partnership		—	17,559		—	34,260
Net Income
Net income attributable to common unit holders - basic		47,883	34,923		92,551	82,154
Net income attributable to common unit holders - diluted	$	47,907	34,938	$	92,601	82,209
Denominator:
Weighted average common units outstanding for basic EPU		92,505	92,153		92,231	91,321
Incremental units to be issued under unvested restricted stock		51	33		36	40
Weighted average common units outstanding for diluted EPU		92,556	92,186		92,267	91,361
Income per common unit – basic
Continuing operations	$	0.52	0.19	$	1.00	0.52
Discontinued operations		—	0.19		—	0.38
Net income attributable to common unit holders	$	0.52	0.38	$	1.00	0.90
Income per common unit – diluted
Continuing operations	$	0.52	0.19	$	1.00	0.52
Discontinued operations		—	0.19		—	0.38
Net income attributable to common unit holders	$	0.52	0.38	$	1.00	0.90