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):



	2017					2016
	Income (Numerator)		Weighted Average Shares (Denominator)	Per Share		Income (Numerator)		Weighted Average Shares (Denominator)	Per Share
Income from continuing operations net of noncontrolling interest - basic	$	263,805	146,742	$	1.79	$	345,108	146,204	$	2.36
Dilutive shares for long-term compensation plans	—		799			—		685
Income from continuing operations net of noncontrolling interest - diluted	$	263,805	147,541	$	1.78	$	345,108	146,889	$	2.35
Discontinued operations net of noncontrolling interest - basic	$	18,535	146,742	$	0.13	$	11,709	146,204	$	0.08
Dilutive shares for long-term compensation plans	—		799			—		685
Discontinued operations net of noncontrolling interest - diluted	$	18,535	147,541	$	0.13	$	11,709	146,889	$	0.08
Net income available to common shareholders - basic	$	282,340	146,742	$	1.92	$	356,817	146,204	$	2.44
Dilutive shares for long-term compensation plans	—		799			—		685
Net income available to common shareholders - diluted	$	282,340	147,541	$	1.91	$	356,817	146,889	$	2.43



	2015
	Income (Numerator)		Weighted Average Shares (Denominator)	Per Share
Income from continuing operations net of noncontrolling interest - basic	$	229,164	148,243	$	1.55
Dilutive shares for long-term compensation plans	—		600
Income from continuing operations net of noncontrolling interest - diluted	$	229,164	148,843	$	1.54
Discontinued operations net of noncontrolling interest - basic	$	10,319	148,243	$	0.07
Dilutive shares for long-term compensation plans	—		600
Discontinued operations net of noncontrolling interest - diluted	$	10,319	148,843	$	0.07
Net income available to common shareholders - basic	$	239,483	148,243	$	1.62
Dilutive shares for long-term compensation plans	—		600
Net income available to common shareholders - diluted	$	239,483	148,843	$	1.61

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. There were no anti-dilutive options in 2017. 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 and 2015 were 0.8 million and 1.5 million, respectively.

During the years ended December 31, 2017, 2016 and 2015, 193,000, 369,000 and 65,000 common shares, respectively, were issued upon the exercise of options.

During the years ended December 31, 2017, 2016 and 2015, individuals acquired 9,826, 9,044 and 14,491 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, 2017, 2016 and 2015, declared dividends per common share were $1.60, $1.90 and $1.90, respectively.