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 March 31,
	2014			2013
Earnings per Common Share - basic:
Numerator:
Income from continuing operations	$	13,192		$	11,300
Net (income) attributable to noncontrolling interests in the Operating Partnership from continuing operations	(386		)	(472		)
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations	(423		)	(203		)
Dividends on Preferred Stock	(627		)	(627		)
Income from continuing operations available for common stockholders	11,756			9,998
Income from discontinued operations	384			2,460
Net (income) attributable to noncontrolling interests in the Operating Partnership from discontinued operations	(12		)	(109		)
Income from discontinued operations available for common stockholders	372			2,351
Net income available for common stockholders	$	12,128		$	12,349
Denominator:
Denominator for basic earnings per Common Share – weighted average shares	89,966			81,029
Earnings per Common Share - basic:
Income from continuing operations available for common stockholders	$	0.13		$	0.12
Income from discontinued operations available for common stockholders	—			0.03
Net income available for common stockholders	$	0.13		$	0.15
Earnings per Common Share - diluted:
Numerator:
Income from continuing operations	$	13,192		$	11,300
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations	(423		)	(203		)
Dividends on Preferred Stock	(627		)	(627		)
Income from continuing operations available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership	12,142			10,470
Income from discontinued operations available for common stockholders	384			2,460
Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership	$	12,526		$	12,930
Denominator:
Denominator for basic earnings per Common Share – weighted average shares	89,966			81,029
Add:
Stock options using the treasury method	124			108
Noncontrolling interests Common Units	2,940			3,725
Denominator for diluted earnings per Common Share – adjusted weighted average shares and assumed conversions (1) (2)	93,030			84,862
Earnings per Common Share - diluted:
Income from continuing operations available for common stockholders	$	0.13		$	0.12
Income from discontinued operations available for common stockholders	—			0.03
Net income available for common stockholders	$	0.13		$	0.15

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(1)	There were 0.3 million and 0.5 million options outstanding during the three months ended March 31, 2014 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.


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


12.	Earnings Per Share and Per Unit - Continued

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



	Three Months Ended March 31,
	2014			2013
Earnings per Common Unit - basic:
Numerator:
Income from continuing operations	$	13,192		$	11,247
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations	(423		)	(203		)
Distributions on Preferred Units	(627		)	(627		)
Income from continuing operations available for common unitholders	12,142			10,417
Income from discontinued operations available for common unitholders	384			2,460
Net income available for common unitholders	$	12,526		$	12,877
Denominator:
Denominator for basic earnings per Common Unit – weighted average units	92,497			84,345
Earnings per Common Unit - basic:
Income from continuing operations available for common unitholders	$	0.13		$	0.12
Income from discontinued operations available for common unitholders	0.01			0.03
Net income available for common unitholders	$	0.14		$	0.15
Earnings per Common Unit - diluted:
Numerator:
Income from continuing operations	$	13,192		$	11,247
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations	(423		)	(203		)
Distributions on Preferred Units	(627		)	(627		)
Income from continuing operations available for common unitholders	12,142			10,417
Income from discontinued operations available for common unitholders	384			2,460
Net income available for common unitholders	$	12,526		$	12,877
Denominator:
Denominator for basic earnings per Common Unit – weighted average units	92,497			84,345
Add:
Stock options using the treasury method	124			108
Denominator for diluted earnings per Common Unit – adjusted weighted average units and assumed conversions (1) (2)	92,621			84,453
Earnings per Common Unit - diluted:
Income from continuing operations available for common unitholders	$	0.13		$	0.12
Income from discontinued operations available for common unitholders	0.01			0.03
Net income available for common unitholders	$	0.14		$	0.15

__________


(1)	There were 0.3 million and 0.5 million options outstanding during the three months ended March 31, 2014 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.


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