| Earnings per Share ("EPS"): |
3. Earnings per Share ("EPS"):
The following table reconciles the numerator and denominator used in the computation of earnings per share for the three and six months ended June 30, 2013 and 2012 (shares in thousands):
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For the Three Months
Ended June 30, |
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For the Six Months
Ended June 30, |
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2013 |
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2012 |
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2013 |
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2012 |
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Numerator |
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Income from continuing operations |
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$ |
90,875 |
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$ |
10,704 |
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$ |
109,945 |
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$ |
52,550 |
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Income from discontinued operations |
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143,941 |
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133,839 |
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147,400 |
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80,269 |
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Net income attributable to noncontrolling interests |
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(15,819 |
) |
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(11,189 |
) |
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(20,256 |
) |
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(13,533 |
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Net income attributable to the Company |
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218,997 |
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133,354 |
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237,089 |
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119,286 |
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Allocation of earnings to participating securities |
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(217 |
) |
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(115 |
) |
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(216 |
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(380 |
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Numerator for basic and diluted earnings per share—net income attributable to common stockholders |
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$ |
218,780 |
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$ |
133,239 |
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$ |
236,873 |
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$ |
118,906 |
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Denominator |
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Denominator for basic earnings per share—weighted average number of common shares outstanding |
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139,372 |
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132,768 |
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138,460 |
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132,520 |
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Effect of dilutive securities:(1) |
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Stock warrants |
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— |
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68 |
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— |
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84 |
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Share and unit-based compensation plans |
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154 |
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41 |
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121 |
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7 |
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Denominator for diluted earnings per share—weighted average number of common shares outstanding |
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139,526 |
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132,877 |
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138,581 |
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132,611 |
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Earnings per common share—basic: |
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Income from continuing operations |
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$ |
0.61 |
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$ |
0.07 |
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$ |
0.72 |
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$ |
0.34 |
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Discontinued operations |
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0.96 |
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0.93 |
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0.99 |
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0.56 |
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Net income attributable to common stockholders |
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$ |
1.57 |
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$ |
1.00 |
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$ |
1.71 |
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$ |
0.90 |
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Earnings per common share—diluted: |
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Income from continuing operations |
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$ |
0.61 |
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$ |
0.07 |
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$ |
0.72 |
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$ |
0.34 |
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Discontinued operations |
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0.96 |
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0.93 |
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0.99 |
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0.56 |
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Net income attributable to common stockholders |
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$ |
1.57 |
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$ |
1.00 |
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$ |
1.71 |
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$ |
0.90 |
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- (1)
- The convertible senior notes ("Senior Notes") are excluded from diluted EPS for the six months ended June 30, 2012 as their impact was antidilutive. The Senior Notes were paid off in full on March 15, 2012 (See Note 10—Bank and Other Notes Payable).
Diluted EPS excludes 184,304 and 198,745 convertible preferred units for the three months ended June 30, 2013 and 2012, respectively, and 184,304 and 203,693 convertible preferred units for the six months ended June 30, 2013 and 2012, respectively, as their impact was antidilutive.
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Diluted EPS excludes 1,154,221 unexercised stock appreciation rights ("SARs") for the six months ended June 30, 2012 as their impact was antidilutive.
Diluted EPS excludes 9,938,795 and 11,262,293 Operating Partnership units ("OP Units") for the three months ended June 30, 2013 and 2012, respectively, and 10,072,120 and 11,220,562 OP Units for the six months ended June 30, 2013 and 2012, respectively, as their impact was antidilutive. |