Organization, Basis of Presentation, and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2016

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, 2016, 2015 and 2014 (unaudited, dollars in thousands):



	2016 Estimate			2015 Actual			2014 Actual
Net income attributable to common stockholders	$	1,034,002		$	742,038		$	683,567
GAAP gain on sale of communities (in excess of) less than tax gain	(204,767		)	(20,900		)	22,127
Depreciation/amortization timing differences on real estate	(10,183		)	(24,657		)	(10,735		)
Amortization of debt/mark to market interest	(19,763		)	(64,676		)	(38,202		)
Tax compensation expense less than (in excess of) GAAP	5,592			(1,244		)	(5,252		)
Casualty and impairment (gain) loss, net	(3,935		)	(10,542		)	—
Other adjustments	(10		)	(12,829		)	14,323
Taxable net income	$	800,936		$	607,190		$	665,828

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, 2016, 2015 and 2014 (unaudited):



	2016		2015		2014
Ordinary income	68	%	83	%	62	%
20% capital gain	26	%	12	%	29	%
Unrecaptured §1250 gain	6	%	5	%	9	%

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
	12/31/16			12/31/15			12/31/14
Basic and diluted shares outstanding
Weighted average common shares—basic	136,928,251			133,565,711			130,586,718
Weighted average DownREIT units outstanding	7,500			7,500			7,500
Effect of dilutive securities	525,886			1,019,966			643,284
Weighted average common shares—diluted	137,461,637			134,593,177			131,237,502

Calculation of Earnings per Share—basic
Net income attributable to common stockholders	$	1,034,002		$	742,038		$	683,567
Net income allocated to unvested restricted shares	(2,610		)	(1,774		)	(1,523		)
Net income attributable to common stockholders, adjusted	$	1,031,392		$	740,264		$	682,044

Weighted average common shares—basic	136,928,251			133,565,711			130,586,718

Earnings per common share—basic	$	7.53		$	5.54		$	5.22

Calculation of Earnings per Share—diluted
Net income attributable to common stockholders	$	1,034,002		$	742,038		$	683,567
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations	41			38			35
Adjusted net income attributable to common stockholders	$	1,034,043		$	742,076		$	683,602

Weighted average common shares—diluted	137,461,637			134,593,177			131,237,502

Earnings per common share—diluted	$	7.52		$	5.51		$	5.21

Dividends per common share	$	5.40		$	5.00		$	4.64