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)	2017		2016	2015
Numerator:
Income from operations attributable to common stockholders - basic	$	159,949	143,860	128,994
Income from operations attributable to common stockholders - diluted	$	159,949	143,860	128,994
Denominator:
Weighted average common shares outstanding for basic EPS	159,536		100,863	94,391
Weighted average common shares outstanding for diluted EPS ⁽¹⁾	159,960		101,285	94,856


Income per common share – basic	$	1.00	1.43	1.37
Income per common share – diluted	$	1.00	1.42	1.36

⁽¹⁾ Includes the dilutive impact of unvested restricted stock.

Amounts excluded for each because they would be anti-dilutive include:

The 1.3 million shares issuable under the forward equity offering outstanding at December 31, 2017 and 2016, 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, 2017, 2016, and 2015 were 295,054, 154,170, and 154,170 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)	2017		2016	2015
Numerator:
Income from operations attributable to common unit holders - basic	$	160,337	144,117	129,234
Income from operations attributable to common unit holders - diluted	$	160,337	144,117	129,234
Denominator:
Weighted average common units outstanding for basic EPU	159,831		101,017	94,546
Weighted average common units outstanding for diluted EPU ⁽¹⁾	160,255		101,439	95,011

Income per common unit – basic	$	1.00	1.43	1.37
Income per common unit – diluted	$	1.00	1.42	1.36

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