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Income per Common Unit of the Operating Partnership
 12 Months Ended
Dec. 31, 2018
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):
 
2018
 
2017
 
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
$
160,677

 
147,275

 
$
1.09

 
$
242,066

 
146,742

 
$
1.65

Dilutive shares for long-term compensation plans
—

 
946

 
 
 
—

 
799

 
 
Income from continuing operations net of noncontrolling interest - diluted
$
160,677

 
148,221

 
$
1.09

 
$
242,066

 
147,541

 
$
1.64

Discontinued operations net of noncontrolling interest - basic
$
318,930

 
147,275

 
$
2.17

 
$
40,274

 
146,742

 
$
0.27

Dilutive shares for long-term compensation plans
—

 
946

 
 
 
—

 
799

 
 
Discontinued operations net of noncontrolling interest - diluted
$
318,930

 
148,221

 
$
2.15

 
$
40,274

 
147,541

 
$
0.27

Net income available to common shareholders - basic
$
479,607

 
147,275

 
$
3.26

 
$
282,340

 
146,742

 
$
1.92

Dilutive shares for long-term compensation plans
—

 
946

 
 
 
—

 
799

 
 
Net income available to common shareholders - diluted
$
479,607

 
148,221

 
$
3.24

 
$
282,340

 
147,541

 
$
1.91


 
2016
 
Income
(Numerator)
 
Weighted
Average
Shares
(Denominator)
 
Per Share
Income from continuing operations net of noncontrolling interest - basic
$
330,320

 
146,204

 
$
2.26

Dilutive shares for long-term compensation plans
—

 
685

 
 
Income from continuing operations net of noncontrolling interest - diluted
$
330,320

 
146,889

 
$
2.25

Discontinued operations net of noncontrolling interest - basic
$
26,497

 
146,204

 
$
0.18

Dilutive shares for long-term compensation plans
—

 
685

 
 
Discontinued operations net of noncontrolling interest - diluted
$
26,497

 
146,889

 
$
0.18

Net income available to common shareholders - basic
$
356,817

 
146,204

 
$
2.44

Dilutive shares for long-term compensation plans
—

 
685

 
 
Net income available to common shareholders - diluted
$
356,817

 
146,889

 
$
2.43



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 2018 or 2017. There were 0.8 million anti-dilutive options that were excluded in 2016 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.
During the years ended December 31, 2018, 2017 and 2016, 151,000, 193,000 and 369,000 common shares, respectively, were issued upon the exercise of options.
During the year ended December 31, 2018, there were no common shares issued in exchange for common units. During the years ended December 31, 2017 and 2016, individuals acquired 9,826 and 9,044 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 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, 2018, 2017 and 2016, declared dividends per common share were $1.60, $1.60 and $1.90, respectively.
Liberty Property Limited Partnership  
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):
 
 
2018
 
2017
 
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
$
164,955

 
 
 
 
 
$
248,325

 
 
 
 
Less: Preferred unit distributions
(472
)
 
 
 
 
 
(472
)
 
 
 
 
Income from continuing operations available to common unitholders - basic
$
164,483

 
150,795

 
$
1.09

 
$
247,853

 
150,270

 
$
1.65

Dilutive units for long-term compensation plans
—

 
946

 
 
 
—

 
799

 
 
Income from continuing operations available to common unitholders - diluted
$
164,483

 
151,741

 
$
1.09

 
$
247,853

 
151,069

 
$
1.64

Income from discontinued operations - basic
$
326,538

 
150,795

 
$
2.17

 
$
41,239

 
150,270

 
$
0.27

Dilutive units for long-term compensation plans
 
 
946

 
 
 
 
 
799

 
 
Income from discontinued operations - diluted
$
326,538

 
151,741

 
$
2.15

 
$
41,239

 
151,069

 
$
0.27

Income available to common unitholders - basic
$
491,021

 
150,795

 
$
3.26

 
$
289,092

 
150,270

 
$
1.92

Dilutive units for long-term compensation plans
 
 
946

 
 
 
 
 
799

 
 
Income available to common unitholders - diluted
$
491,021

 
151,741

 
$
3.24

 
$
289,092

 
151,069

 
$
1.91



 
2016
 
Income
(Numerator)
 
Weighted
Average Units
(Denominator)
 
Per Unit
Income from continuing operations net of noncontrolling interest - consolidated joint ventures
$
338,758

 
 
 
 
Less: Preferred unit distributions
(472
)
 
 
 
 
Income from continuing operations available to common unitholders - basic
$
338,286

 
149,740

 
$
2.26

Dilutive units for long-term compensation plans
—

 
685

 
 
Income from continuing operations available to common unitholders - diluted
$
338,286

 
150,425

 
$
2.25

Income from discontinued operations - basic
$
27,129

 
149,740

 
$
0.18

Dilutive units for long-term compensation plans
—

 
685

 
 
Income from discontinued operations - diluted
$
27,129

 
150,425

 
$
0.18

Income available to common unitholders - basic
$
365,415

 
149,740

 
$
2.44

Dilutive units for long-term compensation plans
—

 
685

 
 
Income available to common unitholders - diluted
$
365,415

 
150,425

 
$
2.43



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 2018 and 2017. There were 0.8 million anti-dilutive options excluded in 2016 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.
During the years ended December 31, 2018, 2017 and 2016, 151,000, 193,000 and 369,000 common units, respectively, were issued upon the exercise of options.
During the year ended December 31, 2018, there were no common shares issued in exchange for common units. During the years ended December 31, 2017 and 2016, individuals acquired 9,826 and 9,044 common shares of the Trust, respectively, 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 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, 2018, 2017 and 2016, declared dividends per common unit were $1.60, $1.60 and $1.90, respectively.