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



	Year Ended December 31,
	2017			2016			2015
Numerator:
Continuing Operations:
Income from continuing operations	$	132,104		$	176,117		$	121,601
Gain on sale of property	218,611			100,714			59,621
Net income attributable to noncontrolling interests	(15,441		)	(37,898		)	(6,870		)
Dividends on preferred shares	—			—			(3,830		)
Redemption costs of preferred shares	—			—			(9,687		)
Income from continuing operations attributable to common shareholders – basic	335,274			238,933			160,835
Income attributable to operating partnership units	3,084			1,996			—
Income from continuing operations attributable to common shareholders – diluted	$	338,358		$	240,929		$	160,835
Denominator:
Weighted average shares outstanding – basic	127,755			126,048			123,037
Effect of dilutive securities:
Share options and awards	870			1,059			1,292
Operating partnership units	1,446			1,462			—
Weighted average shares outstanding – diluted	130,071			128,569			124,329

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,
	2017	2016	2015
Share options ⁽¹⁾	—	2	463
Operating partnership units	—	—	1,472
Total anti-dilutive securities	—	2	1,935

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