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 September 30,			Nine months ended September 30,
(in thousands, except per share data)	2015		2014	2015		2014
Numerator:
Income from operations	$	31,979	25,882	$	94,789	80,061
Gain on sale of real estate	27,755		27,558	34,215		29,598
Less: income attributable to noncontrolling interests	737		232	1,823		1,048
Income from operations attributable to the Company	58,997		53,208	127,181		108,611
Less: preferred stock dividends and other	5,266		5,415	15,797		16,245
Income from operations attributable to common stockholders - basic	$	53,731	47,793	111,384		92,366
Income from operations attributable to common stockholders - diluted	$	53,731	47,817	111,384		92,416
Denominator:
Weighted average common shares outstanding for basic EPS	94,158		92,345	94,080		92,071
Weighted average common shares outstanding for diluted EPS	94,595		92,396	94,483		92,107

Income per common share – basic	$	0.57	0.52	$	1.18	1.00
Income per common share – diluted	$	0.57	0.52	$	1.18	1.00

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 nine months ended September 30, 2015 were 154,170, and for the three and nine months ended September 30, 2014 were 158,920 and 159,229, respectively.

Operating Partnership Earnings per Unit

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



	Three months ended September 30,			Nine months ended September 30,
(in thousands, except per share data)	2015		2014	2015		2014
Numerator:
Income from operations	$	31,979	25,882	$	94,789	80,061
Gain on sale of real estate	27,755		27,558	34,215		29,598
Less: income attributable to noncontrolling interests	643		142	1,619		863
Income from operations attributable to the Partnership	59,091		53,298	127,385		108,796
Less: preferred unit distributions and other	5,266		5,415	15,797		16,245
Income from operations attributable to common unit holders - basic	53,825		47,883	111,588		92,551
Income from operations attributable to common unit holders - diluted	53,825		47,907	111,588		92,601
Denominator:
Weighted average common units outstanding for basic EPU	94,312		92,505	94,234		92,231
Weighted average common units outstanding for diluted EPU	94,749		92,556	94,637		92,267

Income per common unit – basic	$	0.57	0.52	$	1.18	1.00
Income per common unit – diluted	$	0.57	0.52	$	1.18	1.00