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):



	2013					2012
	Income (Numerator)		Weighted Average Shares (Denominator)	Per Share		Income (Numerator)		Weighted Average Shares (Denominator)	Per Share
Basic income from continuing operations
Income from continuing operations net of noncontrolling interest	$	91,274	130,180	$	0.70	$	88,008	116,863	$	0.75
Dilutive shares for long-term compensation plans	—		729			—		831
Diluted income from continuing operations
Income from continuing operations net of noncontrolling interest	91,274		130,909	$	0.70	88,008		117,694	$	0.75
Basic income from discontinued operations
Discontinued operations net of noncontrolling interest	118,464		130,180	$	0.91	49,428		116,863	$	0.43
Dilutive shares for long-term compensation plans	—		729			—		831
Diluted income from discontinued operations
Discontinued operations net of noncontrolling interest	118,464		130,909	$	0.90	49,428		117,694	$	0.42
Basic income per common share
Net income available to common shareholders	209,738		130,180	$	1.61	137,436		116,863	$	1.18
Dilutive shares for long-term compensation plans	—		729			—		831
Diluted income per common share
Net income available to common shareholders	$	209,738	130,909	$	1.60	$	137,436	117,694	$	1.17



	2011
	Income (Numerator)		Weighted Average Shares (Denominator)	Per Share
Basic income from continuing operations
Income from continuing operations net of noncontrolling interest	$	81,392	114,755	$	0.71
Dilutive shares for long-term compensation plans	—		748
Diluted income from continuing operations
Income from continuing operations net of noncontrolling interest	81,392		115,503	$	0.70
Basic income from discontinued operations
Discontinued operations net of noncontrolling interest	102,607		114,755	$	0.89
Dilutive shares for long-term compensation plans	—		748
Diluted income from discontinued operations
Discontinued operations net of noncontrolling interest	102,607		115,503	$	0.89
Basic income per common share
Net income available to common shareholders	183,999		114,755	$	1.60
Dilutive shares for long-term compensation plans	—		748
Diluted income per common share
Net income available to common shareholders	$	183,999	115,503	$	1.59

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 2013, 2012 and 2011 were 959,000, 905,000 and 1,685,000, respectively.

During the years ended December 31, 2013, 2012 and 2011, 504,000, 841,000 and 256,000 common shares, respectively, were issued upon the exercise of options.

During the years ended December 31, 2013, 2012 and 2011, individuals acquired 157,285, 94,895 and 119,987 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, 2013, 2012 and 2011, distributions per common share were $1.90 for each period.