Earnings per Share and Unit

6 Months Ended

Jun. 30, 2016

Earnings per Share and Unit [Abstract]

Parent Company Earnings per Share

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



	Three months ended June 30,			Six months ended June 30,
(in thousands, except per share data)	2016		2015	2016		2015
Numerator:
Income from operations attributable to common stockholders - basic	$	34,810	32,480	$	82,687	57,653
Income from operations attributable to common stockholders - diluted	$	34,810	32,480	$	82,687	57,653
Denominator:
Weighted average common shares outstanding for basic EPS	97,657		94,136	97,588		94,036
Weighted average common shares outstanding for diluted EPS ⁽¹⁾	98,218		94,503	98,075		94,392

Income per common share – basic	$	0.36	0.35	$	0.85	0.61
Income per common share – diluted	$	0.35	0.34	$	0.84	0.61

⁽¹⁾ Includes the dilutive impact of unvested restricted stock and shares issuable under the forward equity offering using the treasury stock method.

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, 2016 and 2015 were 154,170.

Operating Partnership Earnings per Unit

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



	Three months ended June 30,			Six months ended June 30,
(in thousands, except per share data)	2016		2015	2016		2015
Numerator:
Income from operations attributable to common unit holders - basic	$	34,874	32,541	$	82,837	57,763
Income from operations attributable to common unit holders - diluted	$	34,874	32,541	$	82,837	57,763
Denominator:
Weighted average common units outstanding for basic EPU	97,811		94,290	97,742		94,190
Weighted average common units outstanding for diluted EPU ⁽¹⁾	98,372		94,658	98,229		94,546

Income per common unit – basic	$	0.36	0.35	$	0.85	0.61
Income per common unit – diluted	$	0.35	0.34	$	0.84	0.61

⁽¹⁾ Includes the dilutive impact of unvested restricted stock and forward equity offering using the treasury stock method.

Subsequent to June 30, 2016, the Parent Company issued 5.0 million shares of common stock pursuant to the Company's shelf registration statement. For details of the offering transaction, refer to Note 7.