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 June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Earnings per Common Share - basic:
Numerator:
Income from continuing operations	$	24,512		$	15,487		$	37,704		$	26,787
Net (income) attributable to noncontrolling interests in the Operating Partnership from continuing operations	(742		)	(640		)	(1,128		)	(1,112		)
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations	(438		)	(187		)	(861		)	(390		)
Dividends on Preferred Stock	(627		)	(627		)	(1,254		)	(1,254		)
Income from continuing operations available for common stockholders	22,705			14,033			34,461			24,031
Income from discontinued operations	—			14,092			384			16,552
Net (income) attributable to noncontrolling interests in the Operating Partnership from discontinued operations	—			(603		)	(12		)	(712		)
Income from discontinued operations available for common stockholders	—			13,489			372			15,840
Net income available for common stockholders	$	22,705		$	27,522		$	34,833		$	39,871
Denominator:
Denominator for basic earnings per Common Share – weighted average shares	90,254			82,811			90,111			81,925
Earnings per Common Share - basic:
Income from continuing operations available for common stockholders	$	0.25		$	0.17		$	0.38		$	0.30
Income from discontinued operations available for common stockholders	—			0.16			0.01			0.19
Net income available for common stockholders	$	0.25		$	0.33		$	0.39		$	0.49
Earnings per Common Share - diluted:
Numerator:
Income from continuing operations	$	24,512		$	15,487		$	37,704		$	26,787
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations	(438		)	(187		)	(861		)	(390		)
Dividends on Preferred Stock	(627		)	(627		)	(1,254		)	(1,254		)
Income from continuing operations available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership	23,447			14,673			35,589			25,143
Income from discontinued operations available for common stockholders	—			14,092			384			16,552
Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership	$	23,447		$	28,765		$	35,973		$	41,695
Denominator:
Denominator for basic earnings per Common Share – weighted average shares	90,254			82,811			90,111			81,925
Add:
Stock options using the treasury method	121			132			123			120
Noncontrolling interests Common Units	2,937			3,688			2,938			3,707
Denominator for diluted earnings per Common Share – adjusted weighted average shares and assumed conversions (1) (2)	93,312			86,631			93,172			85,752
Earnings per Common Share - diluted:
Income from continuing operations available for common stockholders	$	0.25		$	0.17		$	0.38		$	0.30
Income from discontinued operations available for common stockholders	—			0.16			0.01			0.19
Net income available for common stockholders	$	0.25		$	0.33		$	0.39		$	0.49

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13.	Earnings Per Share and Per Unit - Continued

(1)

There were 0.3 million options outstanding during the three months ended June 30, 2013 and 0.2 million and 0.3 million options outstanding during the six months ended June 30, 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. There were no such options outstanding during the three months ended June 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 June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Earnings per Common Unit - basic:
Numerator:
Income from continuing operations	$	24,512		$	15,490		$	37,704		$	26,737
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations	(438		)	(187		)	(861		)	(390		)
Distributions on Preferred Units	(627		)	(627		)	(1,254		)	(1,254		)
Income from continuing operations available for common unitholders	23,447			14,676			35,589			25,093
Income from discontinued operations available for common unitholders	—			14,092			384			16,552
Net income available for common unitholders	$	23,447		$	28,768		$	35,973		$	41,645
Denominator:
Denominator for basic earnings per Common Unit – weighted average units	92,782			86,090			92,640			85,223
Earnings per Common Unit - basic:
Income from continuing operations available for common unitholders	$	0.25		$	0.17		$	0.38		$	0.30
Income from discontinued operations available for common unitholders	—			0.16			0.01			0.19
Net income available for common unitholders	$	0.25		$	0.33		$	0.39		$	0.49
Earnings per Common Unit - diluted:
Numerator:
Income from continuing operations	$	24,512		$	15,490		$	37,704		$	26,737
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations	(438		)	(187		)	(861		)	(390		)
Distributions on Preferred Units	(627		)	(627		)	(1,254		)	(1,254		)
Income from continuing operations available for common unitholders	23,447			14,676			35,589			25,093
Income from discontinued operations available for common unitholders	—			14,092			384			16,552
Net income available for common unitholders	$	23,447		$	28,768		$	35,973		$	41,645
Denominator:
Denominator for basic earnings per Common Unit – weighted average units	92,782			86,090			92,640			85,223
Add:
Stock options using the treasury method	121			132			123			120
Denominator for diluted earnings per Common Unit – adjusted weighted average units and assumed conversions (1) (2)	92,903			86,222			92,763			85,343
Earnings per Common Unit - diluted:
Income from continuing operations available for common unitholders	$	0.25		$	0.17		$	0.38		$	0.30
Income from discontinued operations available for common unitholders	—			0.16			0.01			0.19
Net income available for common unitholders	$	0.25		$	0.33		$	0.39		$	0.49

__________

(1)

There were 0.3 million options outstanding during the three months ended June 30, 2013 and 0.2 million and 0.3 million options outstanding during the six months ended June 30, 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. There were no such options outstanding during the three months ended June 30, 2014.


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