Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2018

Earnings Per Share [Abstract]

Schedule of earnings per share

In the dilutive EPS calculation, dilutive stock options were calculated using the treasury stock method consistent with prior periods. There were 682 anti-dilutive stock options for both the three and nine months ended September 30, 2018 and 2017. 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,
	2018			2017			2018			2017
	(In thousands, except per share data)
NUMERATOR
Income from continuing operations	$	61,055		$	58,107		$	182,231		$	175,136
Less: Preferred share dividends	(2,010		)	(177		)	(6,031		)	(448		)
Less: Income from continuing operations attributable to noncontrolling interests	(1,622		)	(2,105		)	(5,244		)	(5,537		)
Less: Earnings allocated to unvested shares	(211		)	(317		)	(719		)	(785		)
Income from continuing operations available for common shareholders	57,212			55,508			170,237			168,366
Gain on sale of real estate, net	3,125			50,775			10,413			69,659
Net income available for common shareholders, basic and diluted	$	60,337		$	106,283		$	180,650		$	238,025
DENOMINATOR
Weighted average common shares outstanding—basic	73,400			72,091			73,100			71,983
Stock options	8			115			36			127
Weighted average common shares outstanding—diluted	73,408			72,206			73,136			72,110
EARNINGS PER COMMON SHARE, BASIC:
Net income available for common shareholders	$	0.82		$	1.47		$	2.47		$	3.31
EARNINGS PER COMMON SHARE, DILUTED:
Net income available for common shareholders	$	0.82		$	1.47		$	2.47		$	3.30
Income from continuing operations attributable to the Trust	$	59,433		$	56,002		$	176,987		$	169,599