Earnings Per Common Share

12 Months Ended

Dec. 31, 2017

Basic and fully diluted earnings per share are based on the weighted average shares outstanding during each year and basic earnings per share exclude any dilutive effects of options, unvested restricted shares and convertible securities. The conversion of OP Units has been excluded from the basic earnings per share calculation. The conversion of an OP Unit for a share of common stock has no material effect on earnings per common share on a fully diluted basis.

The following table sets forth the computation of basic and diluted earnings per common share for the years ended December 31, 2017, 2016 and 2015 (amounts in thousands, except per share data):



	Years Ended December 31,
	2017			2016			2015
Numerators:
Net Income Available for Common Stockholders:
Consolidated net income	$	210,377		$	187,132		$	150,512
Amounts allocated to dilutive securities	(12,788		)	(13,869		)	(11,141		)
Preferred Stock distributions	(7,685		)	(9,226		)	(9,226		)
Net income available to Common Stockholders – basic	189,904			164,037			130,145
Amounts allocated to dilutive securities	12,788			13,869			11,141
Net income available to Common Stockholders – fully diluted	$	202,692		$	177,906		$	141,286
Denominator:
Weighted average Common Stock outstanding—basic	86,997			84,778			84,031
Effect of dilutive securities:
Redemption of Common OP Units for Common Stock	6,033			7,204			7,216
Stock options and restricted stock	395			587			660
Weighted average Common Stock outstanding—fully diluted	93,425			92,569			91,907

Earnings per Common Share—Basic:
Net income available for Common Stockholders	$	2.18		$	1.93		$	1.55

Earnings per Common Share—Fully Diluted:
Net income available for Common Stockholders	$	2.17		$	1.92		$	1.54