Earnings Per Share

12 Months Ended

Dec. 31, 2015

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 SEC guidelines. Earnings per common share – basic and diluted components for the periods indicated are as follows (in thousands):



	Year Ended December 31,
	2015			2014			2013
Numerator:
Continuing Operations:
Income from continuing operations	$	121,601		$	116,365		$	132,977
Gain on sale of property	59,621			146,290			762
Net income attributable to noncontrolling interests	(6,870		)	(19,623		)	(5,545		)
Dividends on preferred shares	(3,830		)	(10,840		)	(18,173		)
Redemption costs of preferred shares	(9,687		)	—			(17,944		)
Income from continuing operations attributable to common shareholders – basic	160,835			232,192			92,077
Income attributable to operating partnership units	—			2,171			—
Income from continuing operations attributable to common shareholders – diluted	$	160,835		$	234,363		$	92,077
Discontinued Operations:
Income from discontinued operations	$	—		$	44,924		$	131,417
Net loss (income) attributable to noncontrolling interests	—			52			(39,349		)
Income from discontinued operations attributable to common shareholders – basic and diluted	$	—		$	44,976		$	92,068
Net Income:
Net income attributable to common shareholders – basic	$	160,835		$	277,168		$	184,145
Net income attributable to common shareholders – diluted	$	160,835		$	279,339		$	184,145
Denominator:
Weighted average shares outstanding – basic	123,037			121,542			121,269
Effect of dilutive securities:
Share options and awards	1,292			1,331			1,191
Operating partnership units	—			1,497			—
Weighted average shares outstanding – diluted	124,329			124,370			122,460

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,
	2015	2014	2013
Share options ⁽¹⁾	463	908	1,929
Operating partnership units	1,472	—	1,554
Total anti-dilutive securities	1,935	908	3,483

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