Organization and Basis of Presentation (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of reconciliation of income from book basis to tax basis

The following reconciles net income attributable to common stockholders to taxable net income for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands):



	2014 Estimate			2013 Actual			2012 Actual
Net income attributable to common stockholders	$	683,567		$	353,141		$	423,869
GAAP gain on sale of communities (in excess of) less than tax gain	17,688			29,388			37,525
Depreciation/amortization timing differences on real estate	42,195			180,293			9,572
Deductible acquisition costs	(7,681		)	(26,427		)	—
Amortization of debt/mark to market interest	(38,202		)	(31,965		)	—
Tax compensation expense less than (in excess of) GAAP	(6,789		)	12,886			(26,314		)
Casualty and impairment loss	—			—			1,449
Other adjustments	(39,726		)	1,018			(9,034		)
Taxable net income	$	651,052		$	518,334		$	437,067

Schedule of tax components of the entity's common dividends declared

The following summarizes the tax components of the Company's common dividends declared for the years ended December 31, 2014, 2013 and 2012:



	2014		2013		2012
Ordinary income	62	%	42	%	47	%
20% capital gain (15% for 2012)	29	%	40	%	33	%
Unrecaptured §1250 gain	9	%	18	%	20	%

Schedule of earnings per common share

The Company's earnings per common share are determined as follows (dollars in thousands, except per share data):



	For the year ended
	12/31/14			12/31/13			12/31/12
Basic and diluted shares outstanding
Weighted average common shares—basic	130,586,718			126,855,754			97,416,401
Weighted average DownREIT units outstanding	7,500			7,500			7,500
Effect of dilutive securities	643,284			402,649			601,251
Weighted average common shares—diluted	131,237,502			127,265,903			98,025,152

Calculation of Earnings per Share—basic
Net income attributable to common stockholders	$	683,567		$	353,141		$	423,869
Net income allocated to unvested restricted shares	(1,523		)	(563		)	(1,264		)
Net income attributable to common stockholders, adjusted	$	682,044		$	352,578		$	422,605

Weighted average common shares—basic	130,586,718			126,855,754			97,416,401

Earnings per common share—basic	$	5.22		$	2.78		$	4.34

Calculation of Earnings per Share—diluted
Net income attributable to common stockholders	$	683,567		$	353,141		$	423,869
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations	35			32			28
Adjusted net income attributable to common stockholders	$	683,602		$	353,173		$	423,897

Weighted average common shares—diluted	131,237,502			127,265,903			98,025,152

Earnings per common share—diluted	$	5.21		$	2.78		$	4.32

Dividends per common share	$	4.64		$	4.28		$	3.88