Earnings per Share and Unit

9 Months Ended

Sep. 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 September 30,			Nine months ended September 30,
(in thousands, except per share data)	2016		2015	2016		2015
Numerator:
Income from operations attributable to common stockholders - basic	$	5,305	53,731	$	87,992	111,384
Income from operations attributable to common stockholders - diluted	$	5,305	53,731	$	87,992	111,384
Denominator:
Weighted average common shares outstanding for basic EPS	103,675		94,158	99,639		94,080
Weighted average common shares outstanding for diluted EPS ⁽¹⁾	104,255		94,595	100,128		94,483

Income per common share – basic	$	0.05	0.57	$	0.88	1.18
Income per common share – diluted	$	0.05	0.57	$	0.88	1.18

⁽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 nine months ended September 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 September 30,			Nine months ended September 30,
(in thousands, except per share data)	2016		2015	2016		2015
Numerator:
Income from operations attributable to common unit holders - basic	$	5,321	53,825	$	88,157	111,588
Income from operations attributable to common unit holders - diluted	$	5,321	53,825	$	88,157	111,588
Denominator:
Weighted average common units outstanding for basic EPU	103,829		94,312	99,793		94,234
Weighted average common units outstanding for diluted EPU ⁽¹⁾	104,409		94,749	100,282		94,637

Income per common unit – basic	$	0.05	0.57	$	0.88	1.18
Income per common unit – diluted	$	0.05	0.57	$	0.88	1.18

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