Organization and Basis of Presentation (Tables)

12 Months Ended

Dec. 31, 2013

Organization and Basis of Presentation

Schedule of reconciliation of net income attributable to common stockholders to taxable net income

The following reconciles net income attributable to common stockholders to taxable net income for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands):

	2013 Estimate			2012 Actual			2011 Actual
Net income attributable to common stockholders	$	353,141		$	423,869		$	441,622
GAAP gain on sale of communities (in excess of) less than tax gain		29,388			37,525			(84,152	)
Depreciation/amortization timing differences on real estate		176,982			9,572			9,192
Tax compensation expense less than (in excess of) GAAP		31,524			(26,314	)		(43,145	)
Casualty and impairment loss		—			1,449			14,052
Other adjustments		(14,974	)		(9,034	)		183
Taxable net income	$	576,061		$	437,067		$	337,752

Schedule of tax components of the entity's common dividends declared

	2013			2012			2011
Ordinary income		42	%		47	%		34	%
15% capital gain (20% for 2013)		40	%		33	%		47	%
Unrecaptured §1250 gain		18	%		20	%		19	%

Schedule of earnings per common share

The Company's earnings per common share are determined as follows (dollars in thousands, except per share data):

	For the year ended
	12-31-13			12-31-12			12-31-11
Basic and diluted shares outstanding
Weighted average common shares—basic		126,855,754			97,416,401			89,922,465
Weighted average DownREIT units outstanding		7,500			7,500			8,322
Effect of dilutive securities		402,649			601,251			846,675
Weighted average common shares—diluted		127,265,903			98,025,152			90,777,462
Calculation of Earnings per Share—basic
Net income attributable to common stockholders	$	353,141		$	423,869		$	441,622
Net income allocated to unvested restricted shares		(563	)		(1,264	)		(1,631	)
Net income attributable to common stockholders, adjusted	$	352,578		$	422,605		$	439,991
Weighted average common shares—basic		126,855,754			97,416,401			89,922,465
Earnings per common share—basic	$	2.78		$	4.34		$	4.89
Calculation of Earnings per Share—diluted
Net income attributable to common stockholders	$	353,141		$	423,869		$	441,622
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations		32			28			27
Adjusted net income attributable to common stockholders	$	353,173		$	423,897		$	441,649
Weighted average common shares—diluted		127,265,903			98,025,152			90,777,462
Earnings per common share—diluted	$	2.78		$	4.32		$	4.87
Dividends per common share	$	4.28		$	3.88		$	3.57