Earnings Per Share

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

Earnings per common share – basic is computed using net income attributable to common shareholders and the weighted average number of shares outstanding – basic. Earnings per common share – diluted includes the effect of potentially dilutive securities. Income from continuing operations attributable to common shareholders includes gain on sale of property in accordance with Securities and Exchange Commission guidelines. The components of earnings per common share – basic and diluted for the prior periods have been recast to conform with discontinued operations. Earnings per common share – basic and diluted components for the periods indicated are as follows (in thousands):

	Year Ended December 31,
	2014			2013			2012
Numerator:
Continuing Operations:
Income from continuing operations	$	116,365		$	132,977		$	56,880
Gain on sale of property	146,290			762			1,004
Net income attributable to noncontrolling interests	(19,623		)	(5,545		)	(4,527		)
Dividends on preferred shares	(10,840		)	(18,173		)	(34,930		)
Redemption costs of preferred shares	—			(17,944		)	(2,500		)
Income from continuing operations attributable to common shareholders – basic	232,192			92,077			15,927
Income attributable to operating partnership units	2,171			—			—
Income from continuing operations attributable to common shareholders – diluted	$	234,363		$	92,077		$	15,927
Discontinued Operations:
Income from discontinued operations	$	44,924		$	131,417		$	94,537
Net loss (income) attributable to noncontrolling interests	52			(39,349		)	(1,254		)
Income from discontinued operations attributable to common shareholders – basic and diluted	$	44,976		$	92,068		$	93,283
Net Income:
Net income attributable to common shareholders – basic	$	277,168		$	184,145		$	109,210
Net income attributable to common shareholders – diluted	$	279,339		$	184,145		$	109,210
Denominator:
Weighted average shares outstanding – basic	121,542			121,269			120,696
Effect of dilutive securities:
Share options and awards	1,331			1,191			1,009
Operating partnership units	1,497			—			—
Weighted average shares outstanding – diluted	124,370			122,460			121,705

Anti-dilutive securities of our common shares, which are excluded from the calculation of earnings per common share – diluted, are as follows (in thousands):

	Year Ended December 31,
	2014	2013	2012
Share options (1)	908	1,929	2,354
Operating partnership units	—	1,554	1,578
Total anti-dilutive securities	908	3,483	3,932

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(1) Exclusion results as exercise prices were greater than the average market price for each respective period.