Net Income Per Common Share

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

Essex Property Trust, Inc.



	Three Months Ended September 30, 2015					Three Months Ended September 30, 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	$	42,323	65,138,868	$	0.65	$	53,566	62,892,601	$	0.85
Effect of Dilutive Securities	—		158,682			—		177,171
Diluted:
Net income available to common stockholders	$	42,323	65,297,550	$	0.65	$	53,566	63,069,772	$	0.85



	Nine Months Ended September 30, 2015					Nine Months Ended September 30, 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	$	147,241	64,714,994	$	2.28	$	76,685	54,250,104	$	1.41
Effect of Dilutive Securities	—		177,776			—		193,123
Diluted:
Net income available to common stockholders	$	147,241	64,892,770	$	2.27	$	76,685	54,443,227	$	1.41

Weighted average convertible limited partnership units of 2,177,630 and 2,164,556, which include vested Series Z-1 incentive units, for the three months ended September 30, 2015 and 2014, respectively, and 2,181,299 and 2,234,485 for the nine months ended September 30, 2015, and 2014, respectively, were not included in the determination of diluted EPS because they were anti-dilutive. The related income allocated to these convertible limited partnership units, which includes vested Series Z-1 units, aggregated $1.5 million and $1.8 million for the three months ended September 30, 2015 and 2014, respectively, and $5.1 million and $3.4 million for the nine months ended September 30, 2015 and 2014, respectively. Additionally, excludes 902,668 DownREIT units as they are anti-dilutive.

Stock options of 24,500 and 24,500 were excluded from the calculation of diluted earnings per share for the three and nine months ended September 30, 2015, respectively, because the effects on earnings per share were anti-dilutive. Stock options of 8,343 and 42,518 for the three and nine months ended September 30, 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 September 30, 2015					Three Months Ended September 30, 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	$	43,794	67,316,498	$	0.65	$	55,382	65,057,157	$	0.85
Effect of Dilutive Securities	—		158,682			—		177,171
Diluted:
Net income available to common unitholders	$	43,794	67,475,180	$	0.65	$	55,382	65,234,328	$	0.85



	Nine Months Ended September 30, 2015					Nine Months Ended September 30, 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	$	152,356	66,896,293	$	2.28	$	80,127	56,484,589	$	1.42
Effect of Dilutive Securities	—		177,776			—		193,123
Diluted:
Net income available to common unitholders	$	152,356	67,074,069	$	2.27	$	80,127	56,677,712	$	1.41