Reconciliation of Numerator and Denominator Used in Computation of Earnings Per Share |
The following table reconciles the numerator and denominator used in the computation of earnings per share for the years ended December 31 (shares in thousands): | | | | | | | | | | | | | | 2017 | | 2016 | | 2015 | Numerator | | | | | | Net Income | $ | 161,673 |
| | $ | 554,839 |
| | $ | 522,912 |
| Net income attributable to noncontrolling interests | (15,543 | ) | | (37,844 | ) | | (35,350 | ) | Net income attributable to the Company | 146,130 |
| | 516,995 |
| | 487,562 |
| Allocation of earnings to participating securities | (757 | ) | | (779 | ) | | (1,493 | ) | Numerator for basic and diluted EPS—net income attributable to common stockholders | $ | 145,373 |
| | $ | 516,216 |
| | $ | 486,069 |
| Denominator | | | | | | Denominator for basic EPS—weighted average number of common shares outstanding | 141,877 |
| | 146,599 |
| | 157,916 |
| Effect of dilutive securities (1) | | | | | | Share and unit based compensation | 36 |
| | 112 |
| | 144 |
| Denominator for diluted EPS—weighted average number of common shares outstanding | 141,913 |
| | 146,711 |
| | 158,060 |
| EPS—net income attributable to common stockholders: | | | | | | Basic | $ | 1.02 |
| | $ | 3.52 |
| | $ | 3.08 |
| Diluted | $ | 1.02 |
| | $ | 3.52 |
| | $ | 3.08 |
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____________________________________ | | (1) | Diluted EPS excludes 90,619, 133,366 and 139,186 convertible preferred units for the years ended December 31, 2017, 2016 and 2015, respectively, as their impact was antidilutive. |
Diluted EPS excludes 10,416,321 and 10,721,271 and 10,562,154 Operating Partnership units ("OP Units") for the years ended December 31, 2017, 2016 and 2015, respectively, as their effect was antidilutive.
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