| Earnings Per Share and Per Unit |
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 |
|
__________
| | 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. |
|