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)	2016		2015	2014
Numerator:
Income from operations attributable to common stockholders - basic	$	143,860	128,994	165,875
Income from operations attributable to common stockholders - diluted	$	143,860	128,994	165,938
Denominator:
Weighted average common shares outstanding for basic EPS	100,863		94,391	92,370
Weighted average common shares outstanding for diluted EPS ⁽¹⁾	101,285		94,856	92,404

Income per common share – basic	$	1.43	1.37	1.80
Income per common share – diluted	$	1.42	1.36	1.80

⁽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 years ended December 31, 2016 and 2015 were 154,170, and for the year ended December 31, 2014 was 157,950.

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)	2016		2015	2014
Numerator:
Income from operations attributable to common unit holders - basic	$	144,117	129,234	166,194
Income from operations attributable to common unit holders - diluted	$	144,117	129,234	166,257
Denominator:
Weighted average common units outstanding for basic EPU	101,017		94,546	92,528
Weighted average common units outstanding for diluted EPU ⁽¹⁾	101,439		95,011	92,562

Income per common unit – basic	$	1.43	1.37	1.80
Income per common unit – diluted	$	1.42	1.36	1.80

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