11. Earnings per Share and Unit

Parent Company Earnings per Share

The following summarizes the calculation of basic and diluted earnings per share:



	Three months ended June 30,			Six months ended June 30,
(in thousands, except per share data)	2015		2014	2015		2014
Numerator:
Income from operations	$	32,623	29,470	$	62,811	53,811
Gain on sale of real estate	5,657		1,691	6,460		2,406
Less: income attributable to noncontrolling interests	534		413	1,087		814
Income from operations attributable to the Company	37,746		30,748	68,184		55,403
Less: preferred stock dividends and other	5,266		5,442	10,531		10,884
Income from operations attributable to common stockholders - basic	$	32,480	25,306	57,653		44,519
Income from operations attributable to common stockholders - diluted	$	32,480	25,328	57,653		44,550
Denominator:
Weighted average common shares outstanding for basic EPS	94,136		91,975	94,036		91,958
Weighted average common shares outstanding for diluted EPS	94,504		92,021	94,392		91,991

Income per common share – basic	$	0.35	0.28	$	0.61	0.48
Income per common share – diluted	$	0.34	0.28	$	0.61	0.48

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 and six months ended June 30, 2015 were 154,170, and for the three and six months ended June 30, 2014 were 159,338 and 159,804, respectively.

Operating Partnership Earnings per Unit

The following summarizes the calculation of basic and diluted earnings per unit:



	Three months ended June 30,			Six months ended June 30,
(in thousands, except per share data)	2015		2014	2015		2014
Numerator:
Income from operations	$	32,623	29,470	$	62,811	53,811
Gain on sale of real estate	5,657		1,691	6,460		2,406
Less: income attributable to noncontrolling interests	473		360	977		719
Income from operations attributable to the Partnership	37,807		30,801	68,294		55,498
Less: preferred unit distributions and other	5,266		5,442	10,531		10,884
Income from operations attributable to common unit holders - basic	32,541		25,359	57,763		44,614
Income from operations attributable to common unit holders - diluted	32,541		25,381	57,763		44,645
Denominator:
Weighted average common units outstanding for basic EPU	94,290		92,134	94,190		92,118
Weighted average common units outstanding for diluted EPU	94,658		92,180	94,546		92,151

Income per common unit – basic	$	0.35	0.28	$	0.61	0.48
Income per common unit – diluted	$	0.34	0.28	$	0.61	0.48