Earnings per Share and Unit

Parent Company Earnings per Share

The following summarizes the calculation of basic and diluted earnings per share:



	Year ended December 31,
(in thousands, except per share data)	2015		2014	2013
Numerator:
Continuing Operations
Income from operations	$	116,937	133,770	84,297
Gain on sale of real estate	35,606		55,077	1,703
Less: income attributable to noncontrolling interests	2,487		1,457	1,360
Income from continuing operations attributable to the Company	150,056		187,390	84,640
Less: preferred stock dividends and other	21,062		21,515	21,510
Income from continuing operations attributable to common stockholders - basic	$	128,994	165,875	63,130
Income from continuing operations attributable to common stockholders - diluted	$	128,994	165,938	63,175
Discontinued Operations
Income from discontinued operations	—		—	65,285
Less: income from discontinued operations attributable to noncontrolling interests	—		—	121
Income from discontinued operations attributable to the Company	—		—	65,164
Net Income
Net income attributable to common stockholders - basic	128,994		165,875	128,294
Net income attributable to common stockholders - diluted	$	128,994	165,938	128,339
Denominator:
Weighted average common shares outstanding for basic EPS	94,391		92,370	91,383
Weighted average common shares outstanding for diluted EPS	94,856		92,404	91,409
Income per common share – basic
Continuing operations	$	1.37	1.80	0.69
Discontinued operations	—		—	0.71
Net income (loss) attributable to common stockholders	$	1.37	1.80	1.40
Income per common share – diluted
Continuing operations	$	1.36	1.80	0.69
Discontinued operations	—		—	0.71
Net income (loss) attributable to common stockholders	$	1.36	1.80	1.40

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 years ended December 31, 2015, 2014, and 2013 were 154,170, 157,950, and 171,886, respectively.

Operating Partnership Earnings per Unit

The following summarizes the calculation of basic and diluted earnings per unit:



	Year ended December 31,
(in thousands, except per share data)	2015		2014	2013
Numerator:
Continuing Operations
Income from operations	$	116,937	133,770	84,297
Gain on sale of real estate	35,606		55,077	1,703
Less: income attributable to noncontrolling interests	2,247		1,138	1,084
Income from continuing operations attributable to the Partnership	150,296		187,709	84,916
Less: preferred unit distributions and other	21,062		21,515	21,510
Income from continuing operations attributable to common unit holders - basic	129,234		166,194	63,406
Income from continuing operations attributable to common unit holders - diluted	129,234		166,257	63,451
Discontinued Operations
Income from discontinued operations	—		—	65,285
Less: income from discontinued operations attributable to noncontrolling interests	—		—	121
Income from discontinued operations attributable to the Partnership	—		—	65,164
Net Income
Net income attributable to common unit holders - basic	129,234		166,194	128,570
Net income attributable to common unit holders - diluted	$	129,234	166,257	128,615
Denominator:
Weighted average common units outstanding for basic EPU	94,546		92,528	91,555
Weighted average common units outstanding for diluted EPU	95,011		92,562	91,581
Income (loss) per common unit – basic
Continuing operations	$	1.37	1.80	0.69
Discontinued operations	—		—	0.71
Net income (loss) attributable to common unit holders	$	1.37	1.80	1.40
Income (loss) per common unit – diluted
Continuing operations	$	1.36	1.80	0.69
Discontinued operations	—		—	0.71
Net income (loss) attributable to common unit holders	$	1.36	1.80	1.40