Earnings Per Share and Per Unit

The following table sets forth the computation of basic and diluted earnings per share of the Company:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Earnings per Common Share - basic:
Numerator:
Income from continuing operations	$	54,299		$	16,608		$	92,003		$	43,395
Net (income) attributable to noncontrolling interests in the Operating Partnership from continuing operations	(1,673		)	(488		)	(2,801		)	(1,600		)
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations	(291		)	(203		)	(1,152		)	(593		)
Dividends on Preferred Stock	(627		)	(627		)	(1,881		)	(1,881		)
Income from continuing operations available for common stockholders	51,708			15,290			86,169			39,321
Income from discontinued operations	—			39,460			384			56,012
Net (income) attributable to noncontrolling interests in the Operating Partnership from discontinued operations	—			(1,401		)	(12		)	(2,113		)
Income from discontinued operations available for common stockholders	—			38,059			372			53,899
Net income available for common stockholders	$	51,708		$	53,349		$	86,541		$	93,220
Denominator:
Denominator for basic earnings per Common Share – weighted average shares	90,668			87,467			90,299			83,793
Earnings per Common Share - basic:
Income from continuing operations available for common stockholders	$	0.57		$	0.17		$	0.96		$	0.47
Income from discontinued operations available for common stockholders	—			0.44			—			0.64
Net income available for common stockholders	$	0.57		$	0.61		$	0.96		$	1.11
Earnings per Common Share - diluted:
Numerator:
Income from continuing operations	$	54,299		$	16,608		$	92,003		$	43,395
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations	(291		)	(203		)	(1,152		)	(593		)
Dividends on Preferred Stock	(627		)	(627		)	(1,881		)	(1,881		)
Income from continuing operations available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership	53,381			15,778			88,970			40,921
Income from discontinued operations available for common stockholders	—			39,460			384			56,012
Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership	$	53,381		$	55,238		$	89,354		$	96,933
Denominator:
Denominator for basic earnings per Common Share – weighted average shares	90,668			87,467			90,299			83,793
Add:
Stock options using the treasury method	118			101			121			114
Noncontrolling interests Common Units	2,937			3,201			2,938			3,536
Denominator for diluted earnings per Common Share – adjusted weighted average shares and assumed conversions (1) (2)	93,723			90,769			93,358			87,443
Earnings per Common Share - diluted:
Income from continuing operations available for common stockholders	$	0.57		$	0.17		$	0.96		$	0.47
Income from discontinued operations available for common stockholders	—			0.44			—			0.64
Net income available for common stockholders	$	0.57		$	0.61		$	0.96		$	1.11

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13.	Earnings Per Share and Per Unit - Continued


(1)	There were 0.3 million options outstanding during both the three and nine months ended September 30, 2013 that were not included in the computation of diluted earnings per share because the impact of including such options would be anti-dilutive. There were no such options outstanding during both the three and nine months ended September 30, 2014.


(2)	Includes all unvested restricted stock where dividends on such restricted stock are non-forfeitable.

The following table sets forth the computation of basic and diluted earnings per unit of the Operating Partnership:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Earnings per Common Unit - basic:
Numerator:
Income from continuing operations	$	54,299		$	16,607		$	92,003		$	43,344
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations	(291		)	(203		)	(1,152		)	(593		)
Distributions on Preferred Units	(627		)	(627		)	(1,881		)	(1,881		)
Income from continuing operations available for common unitholders	53,381			15,777			88,970			40,870
Income from discontinued operations available for common unitholders	—			39,460			384			56,012
Net income available for common unitholders	$	53,381		$	55,237		$	89,354		$	96,882
Denominator:
Denominator for basic earnings per Common Unit – weighted average units	93,196			90,259			92,828			86,920
Earnings per Common Unit - basic:
Income from continuing operations available for common unitholders	$	0.57		$	0.17		$	0.96		$	0.47
Income from discontinued operations available for common unitholders	—			0.44			—			0.64
Net income available for common unitholders	$	0.57		$	0.61		$	0.96		$	1.11
Earnings per Common Unit - diluted:
Numerator:
Income from continuing operations	$	54,299		$	16,607		$	92,003		$	43,344
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations	(291		)	(203		)	(1,152		)	(593		)
Distributions on Preferred Units	(627		)	(627		)	(1,881		)	(1,881		)
Income from continuing operations available for common unitholders	53,381			15,777			88,970			40,870
Income from discontinued operations available for common unitholders	—			39,460			384			56,012
Net income available for common unitholders	$	53,381		$	55,237		$	89,354		$	96,882
Denominator:
Denominator for basic earnings per Common Unit – weighted average units	93,196			90,259			92,828			86,920
Add:
Stock options using the treasury method	118			101			121			114
Denominator for diluted earnings per Common Unit – adjusted weighted average units and assumed conversions (1) (2)	93,314			90,360			92,949			87,034
Earnings per Common Unit - diluted:
Income from continuing operations available for common unitholders	$	0.57		$	0.17		$	0.96		$	0.47
Income from discontinued operations available for common unitholders	—			0.44			—			0.64
Net income available for common unitholders	$	0.57		$	0.61		$	0.96		$	1.11

__________


(1)	There were 0.3 million options outstanding during both the three and nine months ended September 30, 2013 that were not included in the computation of diluted earnings per unit because the impact of including such options would be anti-dilutive. There were no such options outstanding during both the three and nine months ended September 30, 2014.


(2)	Includes all unvested restricted stock where dividends on such restricted stock are non-forfeitable.