Income per Common Share of the Trust

12 Months Ended

Dec. 31, 2016

INCOME PER COMMON SHARE OF THE TRUST

The following table sets forth the computation of basic and diluted income per common share of the Trust (in thousands except per share amounts):



	2016					2015
	Income (Numerator)		Weighted Average Shares (Denominator)	Per Share		Income (Numerator)		Weighted Average Shares (Denominator)	Per Share
Net income available to common shareholders - basic	$	356,817	146,204	$	2.44	$	239,483	148,243	$	1.62
Dilutive shares for long-term compensation plans	—		685			—		600
Net income available to common shareholders - diluted	$	356,817	146,889	$	2.43	$	239,483	148,843	$	1.61



	2014
	Income (Numerator)		Weighted Average Shares (Denominator)	Per Share
Income from continuing operations net of noncontrolling interest - basic	$	170,772	147,216	$	1.16
Dilutive shares for long-term compensation plans	—		670
Income from continuing operations net of noncontrolling interest - diluted	$	170,772	147,886	$	1.16
Discontinued operations net of noncontrolling interest - basic	$	47,439	147,216	$	0.32
Dilutive shares for long-term compensation plans	—		670
Discontinued operations net of noncontrolling interest - diluted	$	47,439	147,886	$	0.32
Net income available to common shareholders - basic	$	218,211	147,216	$	1.48
Dilutive shares for long-term compensation plans	—		670
Net income available to common shareholders - diluted	$	218,211	147,886	$	1.48

Dilutive shares for long-term compensation plans represent the unvested common shares outstanding during the year as well as the dilutive effect of outstanding options. The amounts of anti-dilutive options that were excluded from the computation of diluted income per common share as the exercise price was higher than the average share price of the Company in 2016, 2015 and 2014 were 755,000, 1.5 million and 850,000, respectively.

During the years ended December 31, 2016, 2015 and 2014, 369,000, 65,000 and 44,000 common shares, respectively, were issued upon the exercise of options.

During the years ended December 31, 2016, 2015 and 2014, individuals acquired 9,044, 14,491 and 3,000 common shares, respectively, in exchange for the same number of common units. These individuals acquired these common units in connection with their contributions to the Operating Partnership of certain assets in prior years. The exchange of common shares for the common units is exempt from the registration requirement of the Securities Act of 1933, as amended, pursuant to Section 4(2) thereunder.

During the years ended December 31, 2016, 2015 and 2014, distributions per common share were $1.90 for each period.