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Earnings Per Share
 6 Months Ended
Jun. 30, 2020
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
We have calculated earnings per share (“EPS”) under the two-class method. The two-class method is an earnings allocation methodology whereby EPS for each class of common stock and participating securities is calculated according to dividends declared and participation rights in undistributed earnings. For the three and six months ended June 30, 2020 and 2019, we had 0.2 million weighted average unvested shares outstanding, which are considered participating securities. Therefore, we have allocated our earnings for basic and diluted EPS between common shares and unvested shares; the portion of earnings allocated to the unvested shares is reflected as “earnings allocated to unvested shares” in the reconciliation below.
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 the three and six months ended June 30, 2020 and 2019. 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
 
Six Months Ended
 
June 30,
 
June 30,
 
2020
 
2019
 
2020
 
2019
 
(In thousands, except per share data)
NUMERATOR
 
 
 
 
 
 
 
Net income
$
10,859

 
$
82,667

 
$
67,300

 
144,470

Less: Preferred share dividends
(2,011
)
 
(2,011
)
 
(4,021
)
 
(4,021
)
Less: Income from operations attributable to noncontrolling interests
(352
)
 
(1,765
)
 
(2,030
)
 
(3,424
)
Less: Earnings allocated to unvested shares
(249
)
 
(226
)
 
(495
)
 
(439
)
Net income available for common shareholders, basic and diluted
$
8,247

 
$
78,665

 
$
60,754

 
$
136,586

DENOMINATOR
 
 
 
 
 
 
 
Weighted average common shares outstanding, basic and diluted
75,394

 
74,713

 
75,377

 
74,458

 
 
 
 
 
 
 
 
EARNINGS PER COMMON SHARE, BASIC AND DILUTED:
 
 
 
 
 
 
 
Net income available for common shareholders
$
0.11

 
$
1.05

 
$
0.81

 
$
1.83