Earnings Per Share

6 Months Ended

Jun. 30, 2016

9.	Earnings Per Share

The following table provides a reconciliation of net income (loss) from continuing operations and the number of common shares used in the computations of “basic” earnings per share (“EPS”), which utilizes the weighted-average number of common shares outstanding without regard to dilutive potential common shares, and “diluted” EPS, which includes all such shares (in thousands, except per share amounts):

	Three Months						Six Months
	Ended June 30,						Ended June 30,
	2016			2015			2016			2015
Numerators – Basic and Diluted
Income (loss) from continuing operations	$	27,647		$	7,780		$	61,139		$	(260,228	)
Plus: Gain on disposition of real estate		13,721			11,267			26,102			36,361
Plus: Income attributable to non-controlling interests		(310	)		(449	)		(610	)		(1,322	)
Less: Preferred dividends		(5,594	)		(5,594	)		(11,188	)		(11,188	)
Less: Earnings attributable to unvested shares and operating partnership units		(204	)		(420	)		(414	)		(868	)
Net income (loss) attributable to common shareholders after allocation to participating securities	$	35,260		$	12,584		$	75,029		$	(237,245	)
Denominators – Number of Shares
Basic—Average shares outstanding		364,976			360,073			364,834			359,914
Effect of dilutive securities:
Stock options		342			443			346			—
Senior convertible notes		—			3,631			—			—
Diluted—Average shares outstanding		365,318			364,147			365,180			359,914
Earnings Per Share:
Basic	$	0.10		$	0.03		$	0.21		$	(0.66	)
Diluted	$	0.10		$	0.03		$	0.21		$	(0.66	)

The following potentially dilutive securities were considered in the calculation of EPS:

Potentially Dilutive Securities

At June 30, 2016 and 2015, the Company had 398,701 and 1,441,890 operating partnership units outstanding, respectively. The exchange into common shares associated with operating partnership units was not included in the computation of diluted shares outstanding for all periods presented because the effect of assuming conversion was anti-dilutive.

Shares subject to issuance under the 2016 VSEP (Note 7) were not considered in the computation of diluted EPS for the three and six months ended June 30, 2016, as the calculation was anti-dilutive. The 2016 VSEP was not in effect for the three and six months ended June 30, 2015.

Common Shares

Common share dividends declared per share were as follows:

	Three Months				Six Months
	Ended June 30,				Ended June 30,
	2016		2015		2016		2015
Common share dividends declared per share	$	0.19	$	0.1725	$	0.38	$	0.345