Earnings Per Share and Per Unit

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



	Year Ended December 31,
	2015			2014			2013
Earnings per Common Share - basic:
Numerator:
Income from continuing operations	$	85,521		$	96,987		$	42,641
Net (income) attributable to noncontrolling interests in the Operating Partnership from continuing operations	(2,443		)	(2,945		)	(1,294		)
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations	(1,264		)	(1,466		)	(949		)
Dividends on Preferred Stock	(2,506		)	(2,507		)	(2,508		)
Income from continuing operations available for common stockholders	79,308			90,069			37,890
Income from discontinued operations	15,739			18,985			88,456
Net (income) attributable to noncontrolling interests in the Operating Partnership from discontinued operations	(475		)	(597		)	(3,397		)
Income from discontinued operations available for common stockholders	15,264			18,388			85,059
Net income available for common stockholders	$	94,572		$	108,457		$	122,949
Denominator:
Denominator for basic earnings per Common Share – weighted average shares	94,404			90,743			85,335
Earnings per Common Share - basic:
Income from continuing operations available for common stockholders	$	0.84		$	1.00		$	0.44
Income from discontinued operations available for common stockholders	0.16			0.20			1.00
Net income available for common stockholders	$	1.00		$	1.20		$	1.44
Earnings per Common Share - diluted:
Numerator:
Income from continuing operations	$	85,521		$	96,987		$	42,641
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations	(1,264		)	(1,466		)	(949		)
Dividends on Preferred Stock	(2,506		)	(2,507		)	(2,508		)
Income from continuing operations available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership	81,751			93,014			39,184
Income from discontinued operations available for common stockholders	15,739			18,985			88,456
Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership	$	97,490		$	111,999		$	127,640
Denominator:
Denominator for basic earnings per Common Share – weighted average shares	94,404			90,743			85,335
Add:
Stock options using the treasury method	87			119			114
Noncontrolling interests Common Units	2,915			2,938			3,387
Denominator for diluted earnings per Common Share – adjusted weighted average shares and assumed conversions (1) (2)	97,406			93,800			88,836
Earnings per Common Share - diluted:
Income from continuing operations available for common stockholders	$	0.84		$	0.99		$	0.44
Income from discontinued operations available for common stockholders	0.16			0.20			1.00
Net income available for common stockholders	$	1.00		$	1.19		$	1.44

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17.	Earnings Per Share and Per Unit - Continued


(1)	There were 0.2 million and 0.3 million options outstanding during the years ended December 31, 2015 and 2013, respectively, 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 the year ended December 31, 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:



	Year Ended December 31,
	2015			2014			2013
Earnings per Common Unit - basic:
Numerator:
Income from continuing operations	$	85,521		$	96,987		$	42,590
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations	(1,264		)	(1,466		)	(949		)
Distributions on Preferred Units	(2,506		)	(2,507		)	(2,508		)
Income from continuing operations available for common unitholders	81,751			93,014			39,133
Income from discontinued operations available for common unitholders	15,739			18,985			88,456
Net income available for common unitholders	$	97,490		$	111,999		$	127,589
Denominator:
Denominator for basic earnings per Common Unit – weighted average units	96,910			93,272			88,313
Earnings per Common Unit - basic:
Income from continuing operations available for common unitholders	$	0.84		$	1.00		$	0.44
Income from discontinued operations available for common unitholders	0.17			0.20			1.00
Net income available for common unitholders	$	1.01		$	1.20		$	1.44
Earnings per Common Unit - diluted:
Numerator:
Income from continuing operations	$	85,521		$	96,987		$	42,590
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations	(1,264		)	(1,466		)	(949		)
Distributions on Preferred Units	(2,506		)	(2,507		)	(2,508		)
Income from continuing operations available for common unitholders	81,751			93,014			39,133
Income from discontinued operations available for common unitholders	15,739			18,985			88,456
Net income available for common unitholders	$	97,490		$	111,999		$	127,589
Denominator:
Denominator for basic earnings per Common Unit – weighted average units	96,910			93,272			88,313
Add:
Stock options using the treasury method	87			119			114
Denominator for diluted earnings per Common Unit – adjusted weighted average units and assumed conversions (1) (2)	96,997			93,391			88,427
Earnings per Common Unit - diluted:
Income from continuing operations available for common unitholders	$	0.84		$	1.00		$	0.44
Income from discontinued operations available for common unitholders	0.17			0.20			1.00
Net income available for common unitholders	$	1.01		$	1.20		$	1.44

__________


(1)	There were 0.2 million and 0.3 million options outstanding during the years ended December 31, 2015 and 2013, respectively, 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 the year ended December 31, 2014.


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