10.	Earning Per Share and Earnings Per Unit

Equity Residential

The following tables set forth the computation of net income per share – basic and net income per share – diluted for the Company (amounts in thousands except per share amounts):

	Year Ended December 31,
	2017			2016			2015
Numerator for net income per share – basic:
Income from continuing operations	$	628,381		$	4,479,586		$	907,621
Allocation to Noncontrolling Interests – Operating Partnership, net		(22,604	)		(171,491	)		(34,226	)
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties		(2,323	)		(16,430	)		(3,657	)
Preferred distributions		(3,091	)		(3,091	)		(3,357	)
Premium on redemption of Preferred Shares		—			—			(3,486	)
Income from continuing operations available to Common Shares, net of Noncontrolling Interests		600,363			4,288,574			862,895
Discontinued operations, net of Noncontrolling Interests		—			498			382
Numerator for net income per share – basic	$	600,363		$	4,289,072		$	863,277
Numerator for net income per share – diluted:
Income from continuing operations	$	628,381		$	4,479,586		$	907,621
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties		(2,323	)		(16,430	)		(3,657	)
Preferred distributions		(3,091	)		(3,091	)		(3,357	)
Premium on redemption of Preferred Shares		—			—			(3,486	)
Income from continuing operations available to Common Shares		622,967			4,460,065			897,121
Discontinued operations, net		—			518			397
Numerator for net income per share – diluted	$	622,967		$	4,460,583		$	897,518
Denominator for net income per share – basic and diluted:
Denominator for net income per share – basic		366,968			365,002			363,498
Effect of dilutive securities:
OP Units		12,901			13,827			13,576
Long-term compensation shares/units		2,809			3,163			3,546
Denominator for net income per share – diluted		382,678			381,992			380,620
Net income per share – basic	$	1.64		$	11.75		$	2.37
Net income per share – diluted	$	1.63		$	11.68		$	2.36
Net income per share – basic:
Income from continuing operations available to Common Shares, net of Noncontrolling Interests	$	1.64		$	11.75		$	2.37
Discontinued operations, net of Noncontrolling Interests		—			—			—
Net income per share – basic	$	1.64		$	11.75		$	2.37
Net income per share – diluted:
Income from continuing operations available to Common Shares	$	1.63		$	11.68		$	2.36
Discontinued operations, net		—			—			—
Net income per share – diluted	$	1.63		$	11.68		$	2.36

ERP Operating Limited Partnership

The following tables set forth the computation of net income per Unit – basic and net income per Unit – diluted for the Operating Partnership (amounts in thousands except per Unit amounts):

	Year Ended December 31,
	2017			2016			2015
Numerator for net income per Unit – basic and diluted:
Income from continuing operations	$	628,381		$	4,479,586		$	907,621
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties		(2,323	)		(16,430	)		(3,657	)
Allocation to Preference Units		(3,091	)		(3,091	)		(3,357	)
Allocation to premium on redemption of Preference Units		—			—			(3,486	)
Income from continuing operations available to Units		622,967			4,460,065			897,121
Discontinued operations, net		—			518			397
Numerator for net income per Unit – basic and diluted	$	622,967		$	4,460,583		$	897,518
Denominator for net income per Unit – basic and diluted:
Denominator for net income per Unit – basic		379,869			378,829			377,074
Effect of dilutive securities:
Dilution for Units issuable upon assumed exercise/vesting of the Company’s long-term compensation shares/units		2,809			3,163			3,546
Denominator for net income per Unit – diluted		382,678			381,992			380,620
Net income per Unit – basic	$	1.64		$	11.75		$	2.37
Net income per Unit – diluted	$	1.63		$	11.68		$	2.36
Net income per Unit – basic:
Income from continuing operations available to Units	$	1.64		$	11.75		$	2.37
Discontinued operations, net		—			—			—
Net income per Unit – basic	$	1.64		$	11.75		$	2.37
Net income per Unit – diluted:
Income from continuing operations available to Units	$	1.63		$	11.68		$	2.36
Discontinued operations, net		—			—			—
Net income per Unit – diluted	$	1.63		$	11.68		$	2.36