Net Income Per Common Share

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Net Income Per Common Share

Net Income Per Common Share

(Amounts in thousands, except per share and unit data)

Essex Property Trust, Inc.

	Three Months Ended   March 31, 2015					Three Months Ended   March 31, 2014
	Income		Weighted- average Common Shares	Per Common Share Amount		Income		Weighted- average Common Shares	Per Common Share Amount
Basic:
Net income available to common stockholders	$	59,363	64,185,455	$	0.92	$	21,912	37,685,073	$	0.58
Effect of Dilutive Securities (1)	—		209,225			—		246,381
Diluted:
Net income available to common stockholders	$	59,363	64,394,680	$	0.92	$	21,912	37,931,454	$	0.58

(1) Weighted average convertible limited partnership units of 2,184,314 and 2,272,179 which include vested Series Z-1 incentive units, for the three months ended March 31, 2015, and 2014, respectively, were not included in the determination of diluted EPS because they were anti-dilutive.  Income allocated to convertible limited partnership units, which includes vested Series Z-1 units, aggregating $2.1 million and $1.4 million for the three months ended March 31, 2015 and 2014, respectively has been excluded from income available to common stockholders for the calculation of diluted income per common share since these units are excluded from the diluted weighted average common shares for the period as the effect was anti-dilutive.  The Company has the ability to redeem DownREIT limited partnership units for cash and does not consider them to be potentially dilutive securities.

Stock options of zero and 164,442 for the three months ended March 31, 2015 and 2014, respectively, were not included in the diluted earnings per share calculation because the effects on earnings per share were anti-dilutive.

Essex Portfolio, L.P.

	Three Months Ended   March 31, 2015					Three Months Ended   March 31, 2014
	Income		Weighted- average Common Units	Per Common Unit Amount		Income		Weighted- average Common Units	Per Common Unit Amount
Basic:
Net income available to common unitholders	$	61,474	66,369,769	$	0.93	$	23,329	39,957,252	$	0.58
Effect of Dilutive Securities (1)	—		209,225			—		246,381
Diluted:
Net income available to common unitholders	$	61,474	66,578,994	$	0.92	$	23,329	40,203,633	$	0.58

(1) The Operating Partnership has the ability to redeem DownREIT limited partnership units for cash and does not consider them to be potentially dilutive securities.

Stock options of zero and 164,442 for the three months ended March 31, 2015 and 2014, respectively, were not included in the diluted earnings per unit calculation because the effects on earnings per unit were anti-dilutive.