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Earnings Per Common Share / Unit | 9 Months Ended
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Sep. 30, 2014
Earnings Per Share [Abstract] |
Earnings Per Common Share / Unit |
11. | Earnings Per Common Share / Unit
We determine basic earnings per share/unit based on the weighted average number of shares of common stock/units outstanding during the period. We compute diluted earnings per share/unit based on the weighted average number of shares outstanding combined with the incremental weighted average effect from all outstanding potentially dilutive instruments. The following table sets forth the computation of our basic and diluted earnings per share/unit (in thousands, except per share/unit amounts):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
REIT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net earnings (loss) attributable to common stockholders |  | $ | 136,245 |  |  | $ | (7,534 | ) |  | $ | 213,626 |  |  | $ | 256,365 |
Noncontrolling interest attributable to exchangeable limited partnership units |  |  | 493 |  |  |  | (48 | ) |  |  | 767 |  |  |  | 1,446 |
Gains, net of expenses, associated with exchangeable debt assumed exchanged |  |  | (18,658 | ) |  |  | — |  |  |  | — |  |  |  | — |
Adjusted net earnings (loss) attributable to common stockholders |  | $ | 118,080 |  |  | $ | (7,582 | ) |  | $ | 214,393 |  |  | $ | 257,811 |
Weighted average common shares outstanding - Basic (1) |  |  | 499,292 |  |  |  | 497,989 |  |  |  | 499,045 |  |  |  | 482,007 |
Incremental weighted average effect on exchange of limited partnership units (2) |  |  | 1,843 |  |  |  | 1,859 |  |  |  | 1,792 |  |  |  | 3,099 |
Incremental weighted average effect of stock awards and warrants |  |  | 3,074 |  |  |  | — |  |  |  | 3,374 |  |  |  | 3,303 |
Incremental weighted average effect on exchange of exchangeable debt |  |  | 11,879 |  |  |  | — |  |  |  | — |  |  |  | — |
Weighted average common shares outstanding - Diluted (3) |  |  | 516,088 |  |  |  | 499,848 |  |  |  | 504,211 |  |  |  | 488,409 |
Net earnings (loss) per share attributable to common stockholders - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.27 |  |  | $ | (0.02 | ) |  | $ | 0.43 |  |  | $ | 0.53 |
Diluted |  | $ | 0.23 |  |  | $ | (0.02 | ) |  | $ | 0.43 |  |  | $ | 0.53 |
Operating Partnership |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net earnings (loss) attributable to common unitholders |  | $ | 136,738 |  |  | $ | (7,582 | ) |  | $ | 214,393 |  |  | $ | 257,374 |
Noncontrolling interest attributable to exchangeable limited partnership units |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 437 |
Gains, net of expenses, associated with exchangeable debt assumed exchanged |  |  | (18,658 | ) |  |  | — |  |  |  | — |  |  |  | — |
Adjusted net earnings (loss) attributable to common unitholders |  | $ | 118,080 |  |  | $ | (7,582 | ) |  | $ | 214,393 |  |  | $ | 257,811 |
Weighted average common partnership units outstanding - Basic (1) |  |  | 501,135 |  |  |  | 499,848 |  |  |  | 500,837 |  |  |  | 483,889 |
Incremental weighted average effect on exchange of limited partnership units |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,217 |
Incremental weighted average effect of stock awards and warrants of the REIT |  |  | 3,074 |  |  |  | — |  |  |  | 3,374 |  |  |  | 3,303 |
Incremental weighted average effect on exchange of exchangeable debt |  |  | 11,879 |  |  |  | — |  |  |  | — |  |  |  | — |
Weighted average common partnership units outstanding - Diluted (3) |  |  | 516,088 |  |  |  | 499,848 |  |  |  | 504,211 |  |  |  | 488,409 |
Net earnings (loss) per unit attributable to common unitholders - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.27 |  |  | $ | (0.02 | ) |  | $ | 0.43 |  |  | $ | 0.53 |
Diluted |  | $ | 0.23 |  |  | $ | (0.02 | ) |  | $ | 0.43 |  |  | $ | 0.53 |
(1) | The increase in shares/units between the nine months ended September 30, 2014 and 2013 is due primarily to an equity offering in April 2013.
(2) | Income allocated to the exchangeable Operating Partnership units not held by the REIT has been included in the numerator and exchangeable Operating Partnership units have been included in the denominator for the purpose of computing diluted earnings per share for all periods since the per share/unit amount is the same. The incremental weighted average exchangeable Operating Partnership units were 1,843 and 1,859 for the three months ended September 30, 2014 and 2013, respectively, and were 1,792 and 1,882 for the nine months ended September 30, 2014 and 2013, respectively.
(3) | Total weighted average potentially dilutive stock awards and warrants outstanding were 14,170 and 14,133 for the three months ended September 30, 2014 and 2013, respectively, and were 14,903 and 14,070 for the nine months ended September 30, 2014 and 2013, respectively. Total weighted average potentially dilutive shares/units from exchangeable debt outstanding were 11,879 for all periods presented. Excluding the Operating Partnership units discussed above, total weighted average potentially dilutive limited partnership units outstanding were 1,944 and 1,950 for the three months ended September 30, 2014 and 2013, respectively, and were 1,947 and 1,426 for the nine months ended September 30, 2014 and 2013, respectively.

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