Earnings per Share and Unit

9 Months Ended

Sep. 30, 2017

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)	2017		2016	2017		2016
Numerator:
Income from operations attributable to common stockholders - basic	$	59,666	5,305	$	74,810	87,992
Income from operations attributable to common stockholders - diluted	$	59,666	5,305	$	74,810	87,992
Denominator:
Weighted average common shares outstanding for basic EPS	170,105		103,675	155,881		99,639
Weighted average common shares outstanding for diluted EPS ⁽¹⁾	170,466		104,255	156,190		100,128

Income per common share – basic	$	0.35	0.05	$	0.48	0.88
Income per common share – diluted	$	0.35	0.05	$	0.48	0.88
⁽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, 2017 were 349,902 and 276,503, respectively, while they were 154,170 during the same periods of 2016.

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)	2017		2016	2017		2016
Numerator:
Income from operations attributable to common unit holders - basic	$	59,798	5,321	$	75,027	88,157
Income from operations attributable to common unit holders - diluted	$	59,798	5,321	$	75,027	88,157
Denominator:
Weighted average common units outstanding for basic EPU	170,455		103,829	156,158		99,793
Weighted average common units outstanding for diluted EPU ⁽¹⁾	170,816		104,409	156,467		100,282

Income per common unit – basic	$	0.35	0.05	$	0.48	0.88
Income per common unit – diluted	$	0.35	0.05	$	0.48	0.88
⁽¹⁾ Includes the dilutive impact of unvested restricted stock and the forward equity offering using the treasury stock method.