Earnings Per Share

9 Months Ended

Sep. 30, 2016

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



	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Numerator:
Income from continuing operations	$	39,229		$	31,956		$	139,357		$	88,279
Gain on sale of property	22,108			13,232			68,298			43,917
Net income attributable to noncontrolling interests	(9,436		)	(1,787		)	(12,864		)	(5,119		)
Dividends on preferred shares	—			—			—			(3,830		)
Redemption costs of preferred shares	—			—			—			(9,687		)
Net income attributable to common shareholders - basic	51,901			43,401			194,791			113,560
Income attributable to operating partnership units	499			472			1,497			—
Net income attributable to common shareholders - diluted	$	52,400		$	43,873		$	196,288		$	113,560
Denominator:
Weighted average shares outstanding – basic	127,304			123,349			125,569			122,929
Effect of dilutive securities:
Share options and awards	1,022			1,222			1,100			1,303
Operating partnership units	1,462			1,462			1,462			—
Weighted average shares outstanding – diluted	129,788			126,033			128,131			124,232

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



	Three Months Ended September 30,		Nine Months Ended September 30,
	2016	2015	2016	2015
Share options ⁽¹⁾	460	898	460	896
Operating partnership units	—	—	—	1,476
Total anti-dilutive securities	460	898	460	2,372

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