Earnings per Share and Unit

Parent Company Earnings per Share

The following summarizes the calculation of basic and diluted earnings per share (in thousands, except per share data):



	Three months ended March 31,
	2015		2014
Numerator:
Income from operations	$	30,189	24,341
Gain on sale of real estate	803		715
Less: income attributable to noncontrolling interests	552		401
Income from operations attributable to the Company	30,440		24,655
Less: preferred stock dividends	5,266		5,266
Less: dividends paid on unvested restricted stock	176		197
Income from operations attributable to common stockholders - basic	$	24,998	19,192
Add: dividends paid on Treasury Method restricted stock	28		11
Income from operations attributable to common stockholders - diluted	$	25,026	19,203
Denominator:
Weighted average common shares outstanding for basic EPS	93,842		92,167
Incremental shares to be issued under unvested restricted stock	58		24
Incremental shares to be issued under Forward Equity Offering	7		—
Weighted average common shares outstanding for diluted EPS	93,907		92,191

Income per common share – basic	$	0.27	0.21
Income per common share – diluted	$	0.27	0.21

Income allocated to noncontrolling interests of the Operating Partnership has been excluded from the numerator and exchangeable Operating Partnership units have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would have no impact. Weighted average exchangeable Operating Partnership units outstanding for the three months ended March 31, 2015 and 2014 were 154,170 and 160,281, respectively.

Operating Partnership Earnings per Unit

The following summarizes the calculation of basic and diluted earnings per unit (in thousands except per unit data):



	Three months ended March 31,
	2015		2014
Numerator:
Income from operations	$	30,189	24,341
Gain on sale of real estate	803		715
Less: income attributable to noncontrolling interests	503		359
Income from operations attributable to the Partnership	30,489		24,697
Less: preferred unit distributions	5,266		5,266
Less: dividends paid on unvested restricted units	176		197
Income from operations attributable to common unit holders - basic	25,047		19,234
Add: dividends paid on Treasury Method restricted units	28		11
Income from operations attributable to common unit holders - diluted	25,075		19,245
Denominator:
Weighted average common units outstanding for basic EPU	93,996		92,167
Incremental units to be issued under unvested restricted stock	58		24
Incremental shares to be issued under Forward Equity Offering	7		—
Weighted average common units outstanding for diluted EPU	94,061		92,191

Income per common unit – basic	$	0.27	0.21
Income per common unit – diluted	$	0.27	0.21