In the dilutive EPS calculation, dilutive stock options were calculated using the treasury stock method consistent with prior periods. There were no anti-dilutive stock options for the nine months ended September 30, 2015 and 2014. The conversions of downREIT operating partnership units and 5.417% Series 1 Cumulative Convertible Preferred Shares are anti-dilutive for all periods presented and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS.



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2015			2014			2015			2014
	(In thousands, except per share data)
NUMERATOR
Income from continuing operations	$	54,550		44,648			$	136,917		$	130,609
Less: Preferred share dividends	(136		)	(136		)	(406		)	(406		)
Less: Net income attributable to noncontrolling interests	(2,103		)	(1,974		)	(6,161		)	(5,637		)
Less: Earnings allocated to unvested shares	(221		)	(264		)	(638		)	(739		)
Income from continuing operations available for common shareholders	52,090			42,274			129,712			123,827
Gain on sale of real estate	—			4,401			11,509			4,401
Net income available for common shareholders, basic and diluted	$	52,090		$	46,675		$	141,221		$	128,228
DENOMINATOR
Weighted average common shares outstanding—basic	69,006			67,559			68,637			67,095
Effect of dilutive securities:
Stock options	175			173			184			166
Weighted average common shares outstanding—diluted	69,181			67,732			68,821			67,261
EARNINGS PER COMMON SHARE, BASIC
Continuing operations	$	0.75		$	0.62		$	1.89		$	1.84
Gain on sale of real estate	—			0.07			0.17			0.07
	$	0.75		$	0.69		$	2.06		$	1.91
EARNINGS PER COMMON SHARE, DILUTED
Continuing operations	$	0.75		$	0.62		$	1.88		$	1.84
Gain on sale of real estate	—			0.07			0.17			0.07
	$	0.75		$	0.69		$	2.05		$	1.91
Income from continuing operations attributable to the Trust	$	52,447		$	42,674		$	130,756		$	124,972