9.	Earnings Per Common Share / Unit

We determine basic earnings per share/unit based on the weighted average number of shares of common stock/units outstanding during the period. We compute diluted earnings per share/unit based on the weighted average number of shares outstanding combined with the incremental weighted average effect from all outstanding potentially dilutive instruments.

The following table sets forth the computation of our basic and diluted earnings per share/unit (in thousands, except per share/unit amounts):


	Three Months Ended
	March 31,
REIT	2014		2013
Net earnings attributable to common stockholders	$	4,666	$	265,416
Noncontrolling interest attributable to exchangeable limited partnership units		17		1,182
Interest expense on exchangeable debt assumed exchanged		—		4,235

Adjusted net earnings attributable to common stockholders	$	4,683	$	270,833

Weighted average common shares outstanding—Basic (1)		498,696		461,468
Incremental weighted average effect on exchange of limited partnership units (2)		1,767		3,039
Incremental weighted average effect of stock awards and warrants		3,910		2,566
Incremental weighted average effect on exchange of certain exchangeable debt		—		11,879

Weighted average common shares outstanding—Diluted (3)		504,373		478,952

Net earnings per share attributable to common stockholders -
Basic	$	0.01	$	0.58
Diluted	$	0.01	$	0.57

Operating Partnership
Net earnings attributable to common unitholders	$	4,683	$	266,548
Noncontrolling interest attributable to exchangeable limited partnership units		—		50
Interest expense on exchangeable debt assumed exchanged		—		4,235

Adjusted net earnings attributable to common unitholders	$	4,683	$	270,833

Weighted average common partnership units outstanding—Basic (1)		500,463		463,361
Incremental weighted average effect on exchange of limited partnership units		—		1,146
Incremental weighted average effect of stock awards and warrants of the REIT		3,910		2,566
Incremental weighted average effect on exchange of certain exchangeable debt		—		11,879

Weighted average common partnership units outstanding—Diluted (3)		504,373		478,952

Net earnings per unit attributable to common unitholders -
Basic	$	0.01	$	0.58
Diluted	$	0.01	$	0.57

(1)	The increase in shares/units between the periods is due to an equity offering in April 2013.

(2)

Income allocated to the exchangeable Operating Partnership units not held by the REIT has been included in the numerator and exchangeable Operating Partnership units have been included in the denominator for the purpose of computing diluted earnings per share for all periods since the per share/unit amount is the same. The incremental weighted average exchangeable Operating Partnership units (in thousands) were 1,767 and 1,894 for the three months ended March 31, 2014 and 2013, respectively.

(3)

Total weighted average potentially dilutive stock awards and warrants outstanding (in thousands) were 15,546 and 14,140 for the three months ended March 31, 2014 and 2013, respectively. Total weighted average potentially dilutive shares/units from exchangeable debt outstanding (in thousands) were 11,879 for both periods presented. Total weighted average potentially dilutive limited partnership units outstanding (in thousands) were 1,949 and 1,173 for the three months ended March 31, 2014 and 2013, respectively.