(8)	Net Income Per Common Share

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

Essex Property Trust, Inc.

	Three Months Ended June 30, 2014						Three Months Ended June 30, 2013
	Income		Weighted- average Common Shares		Per Common Share Amount		Income		Weighted- average Common Shares		Per Common Share Amount
Basic:
Income from continuing operations available to common stockholders	$	4,989		61,885	$	0.08	$	24,356		37,293	$	0.65
Income from discontinued operations available to common stockholders		-		61,885		-		590		37,293		0.02
	$	4,989			$	0.08	$	24,946			$	0.67

Effect of Dilutive Securities (1)		-		175				-		98

Diluted:
Income from continuing operations available to common stockholders	$	4,989		62,060	$	0.08	$	24,356		37,391	$	0.65
Income from discontinued operations available to common stockholders		-		62,060		-		590		37,391		0.02
	$	4,989			$	0.08	$	24,946			$	0.67

	Six Months Ended June 30, 2014						Six Months Ended June 30, 2013
	Income		Weighted Average Common Shares		Per Common Share Amount		Income		Weighted Average Common Shares		Per Common Share Amount
Basic:
Income before discontinued operations available to common stockholders	$	26,901		49,857	$	0.54	$	49,017		37,149	$	1.32
Income from discontinued operations available to common stockholders		-		49,857		-		1,132		37,149		0.03
		26,901			$	0.54		50,149			$	1.35

Effect of Dilutive Securities (1)		-		230				-		93

Diluted:
Income from continuing operations available to common stockholders (1)		26,901		50,087		0.54	$	49,017		37,242		1.32
Income from discontinued operations available to common stockholders		-		50,087		-		1,132		37,242		0.03
	$	26,901			$	0.54	$	50,149			$	1.35

(1)

Weighted average convertible limited partnership units of 2,173,542 and 2,151,494 which include vested Series Z-1 incentive units, for the three months ended June 30, 2014, and 2013, 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 $0.2 million and $1.5 million for the three months ended June 30, 2014 and 2013, respectively, and $1.6 million and $3.0 million for the six months ended June 30, 2014 and 2013, respectively have 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 36,956 and 53,244 for the three and six months ended June 30, 2014, respectively, were not included in the diluted earnings per share calculation because the effects on earnings per share were anti-dilutive. Stock options of 20,825 and 41,557 for the three and six months ended June 30, 2013, 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						Three Months Ended
	June 30, 2014						June 30, 2013
	Income		Weighted- average Common Units		Per Common Unit Amount		Income		Weighted- average Common Units		Per Common Unit Amount
Basic:
Income from continuing operations available to common unitholders	$	5,198		64,058	$	0.08	$	25,903		39,444	$	0.65
Income from discontinued operations		-		64,058		-		590		39,444		0.02
Income available to common unitholders	$	5,198			$	0.08	$	26,493			$	0.67

Effect of Dilutive Securities (1)		-		175				-		98

Diluted:
Income from continuing operations available to common unitholders (1)	$	5,198		64,233	$	0.08	$	25,903		39,542	$	0.65
Income from discontinued operations		-		64,233		-		590		39,542		0.02
Income available to common unitholders	$	5,198			$	0.08	$	26,493			$	0.67

	Six Months Ended						Six Months Ended
	June 30, 2014						June 30, 2013
	Income		Weighted- average Common Units		Per Common Unit Amount		Income		Weighted- average Common Units		Per Common Unit Amount
Basic:
Income from continuing operations available to common unitholders	$	28,527		52,127	$	0.54	$	52,065		39,265	$	1.32
Income from discontinued operations		-		52,127		-		1,132		39,265		0.03
Income available to common unitholders	$	28,527			$	0.54	$	53,197			$	1.35

Effect of Dilutive Securities (1)		-		230				-		93

Diluted:
Income from continuing operations available to common unitholders (1)	$	28,527		52,357	$	0.54	$	52,065		39,358	$	1.32
Income from discontinued operations		-		52,357		-		1,132		39,358		0.03
Income available to common unitholders	$	28,527			$	0.54	$	53,197			$	1.35

(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 36,956 and 53,244 for the three and six months ended June 30, 2014, respectively, were not included in the diluted earnings per unit calculation because the effects on earnings per share were anti-dilutive. Stock options of 20,825 and 41,557 for the three and six months ended June 30, 2013, respectively, were not included in the diluted earnings per unit calculation because the effects on earnings per share were anti-dilutive.