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Income per Common Unit of the Operating Partnership
 12 Months Ended
Dec. 31, 2017
Earnings Per Unit, Basic and Diluted [Line Items]  
Income per Common Unit of the Operating Partnership
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.
Liberty Property Limited Partnership [Member]  
Earnings Per Unit, Basic and Diluted [Line Items]  
Income per Common Unit of the Operating Partnership
INCOME PER COMMON UNIT OF THE OPERATING PARTNERSHIP

The following table sets forth the computation of basic and diluted income per common unit of the Operating Partnership (in thousands, except per unit amounts):
 
 
2017
 
2016
 
Income
(Numerator)
 
Weighted
Average Units
(Denominator)
 
Per Unit
 
Income
(Numerator)
 
Weighted
Average Units
(Denominator)
 
Per Unit
Income from continuing operations - net of noncontrolling interest - consolidated joint ventures
$
270,585

 
 
 
 
 
$
353,896

 
 
 
 
Less: Preferred unit distributions
(472
)
 
 
 
 
 
(472
)
 
 
 
 
Income from continuing operations available to common unitholders - basic
$
270,113

 
150,270

 
$
1.79

 
$
353,424

 
149,740

 
$
2.36

Dilutive units for long-term compensation plans
—

 
799

 
 
 
—

 
685

 
 
Income from continuing operations available to common unitholders - diluted
$
270,113

 
151,069

 
$
1.78

 
$
353,424

 
150,425

 
$
2.35

Income from discontinued operations - basic
$
18,979

 
150,270

 
$
0.13

 
$
11,991

 
149,740

 
$
0.08

Dilutive units for long-term compensation plans
 
 
799

 
 
 
 
 
685

 
 
Income from discontinued operations - diluted
$
18,979

 
151,069

 
$
0.13

 
$
11,991

 
150,425

 
$
0.08

Income available to common unitholders - basic
$
289,092

 
150,270

 
$
1.92

 
$
365,415

 
149,740

 
$
2.44

Dilutive units for long-term compensation plans
 
 
799

 
 
 
 
 
685

 
 
Income available to common unitholders - diluted
$
289,092

 
151,069

 
$
1.91

 
$
365,415

 
150,425

 
$
2.43



 
2015
 
Income
(Numerator)
 
Weighted
Average Units
(Denominator)
 
Per Unit
Income from continuing operations net of noncontrolling interest - consolidated joint ventures
$
235,110

 
 
 
 
Less: Preferred unit distributions
(472
)
 
 
 
 
Income from continuing operations available to common unitholders - basic
$
234,638

 
151,783

 
$
1.55

Dilutive units for long-term compensation plans
—

 
600

 
 
Income from continuing operations available to common unitholders - diluted
$
234,638

 
152,383

 
$
1.54

Income from discontinued operations - basic
$
10,565

 
151,783

 
$
0.07

Dilutive units for long-term compensation plans
—

 
600

 
 
Income from discontinued operations - diluted
$
10,565

 
152,383

 
$
0.07

Income available to common unitholders - basic
$
245,203

 
151,783

 
$
1.62

Dilutive units for long-term compensation plans
—

 
600

 
 
Income available to common unitholders - diluted
$
245,203

 
152,383

 
$
1.61



Dilutive units for long-term compensation plans represent the unvested common units 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 unit as the exercise price was higher than the average unit 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 units, 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 of the Trust in exchange for the same number of common units of the Operating Partnership. 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 unit were $1.60, $1.90 and $1.90, respectively.