11.

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 June 30,						Six Months Ended June 30,
REIT	2014			2013			2014		2013
Net earnings (loss) attributable to common stockholders	$	72,715		$	(1,517	)	$	77,381	$	263,899
Noncontrolling interest attributable to exchangeable limited partnership units		264			(75	)		302		1,599
Gains, net of expenses, associated with exchangeable debt assumed exchanged		(7,498	)		—			—		—

Adjusted net earnings (loss) attributable to common stockholders	$	65,481		$	(1,592	)	$	77,683	$	265,498

Weighted average common shares outstanding - Basic (1)		499,112			486,032			498,919		473,892
Incremental weighted average effect on exchange of limited partnership units (2)		1,964			1,893			1,964		3,039
Incremental weighted average effect of stock awards and warrants		3,664			—			3,677		3,078
Incremental weighted average effect on exchange of exchangeable debt		11,879			—			—		—

Weighted average common shares outstanding - Diluted (3)		516,619			487,925			504,560		480,009

Net earnings (loss) per share attributable to common stockholders -
Basic	$	0.15		$	0.00		$	0.16	$	0.56
Diluted	$	0.13		$	0.00		$	0.15	$	0.55

Operating Partnership
Net earnings (loss) attributable to common unitholders	$	72,973		$	(1,592	)	$	77,655	$	264,956
Noncontrolling interest attributable to exchangeable limited partnership units		6			—			28		542
Gains, net of expenses, associated with exchangeable debt assumed exchanged		(7,498	)		—			—		—

Adjusted net earnings (loss) attributable to common unitholders	$	65,481		$	(1,592	)	$	77,683	$	265,498

Weighted average common partnership units outstanding - Basic (1)		500,879			487,925			500,686		475,785
Incremental weighted average effect on exchange of limited partnership units		197			—			197		1,146
Incremental weighted average effect of stock awards and warrants of the REIT		3,664			—			3,677		3,078
Incremental weighted average effect on exchange of exchangeable debt		11,879			—			—		—

Weighted average common partnership units outstanding - Diluted (3)		516,619			487,925			504,560		480,009

Net earnings (loss) per unit attributable to common unitholders -
Basic	$	0.15		$	0.00		$	0.16	$	0.56
Diluted	$	0.13		$	0.00		$	0.15	$	0.55

(1)	The increase in shares/units between the six months ended June 30, 2014 and 2013 is due primarily 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 1,893 for the three months ended June 30, 2014 and 2013, respectively, and were 1,767and 1,893 for the six months ended June 30, 2014 and 2013, respectively.

(3)

Total weighted average potentially dilutive stock awards and warrants outstanding (in thousands) were 15,042 and 14,047 for the three months ended June 30, 2014 and 2013, respectively, and were 15,276 and 14,032 for the six months ended June 30, 2014 and 2013, respectively. Total weighted average potentially dilutive shares/units from exchangeable debt outstanding (in thousands) were 11,879 for all periods presented. Total weighted average potentially dilutive limited partnership units outstanding (in thousands) were 1,948 and 1,146 for the three months ended June 30, 2014 and 2013, respectively, and were 1,949 and 1,160 for the six months ended June 30, 2014 and 2013, respectively.