10.	Earning Per Share and Earnings Per Unit

Equity Residential

The following tables set forth the computation of net income per share – basic and net income per share – diluted for the Company (amounts in thousands except per share amounts):

	Quarter Ended March 31,
	2017			2016
Numerator for net income per share – basic:
Income from continuing operations	$	149,941		$	3,731,988
Allocation to Noncontrolling Interests – Operating Partnership, net		(5,411	)		(143,315	)
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties		(788	)		(764	)
Preferred distributions		(773	)		(773	)
Income from continuing operations available to Common Shares, net of Noncontrolling Interests		142,969			3,587,136
Discontinued operations, net of Noncontrolling Interests		—			(151	)
Numerator for net income per share – basic	$	142,969		$	3,586,985
Numerator for net income per share – diluted:
Income from continuing operations	$	149,941		$	3,731,988
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties		(788	)		(764	)
Preferred distributions		(773	)		(773	)
Income from continuing operations available to Common Shares		148,380			3,730,451
Discontinued operations, net		—			(157	)
Numerator for net income per share – diluted	$	148,380		$	3,730,294
Denominator for net income per share – basic and diluted:
Denominator for net income per share – basic		366,605			364,592
Effect of dilutive securities:
OP Units		12,899			13,697
Long-term compensation shares/units		2,776			3,954
Denominator for net income per share – diluted		382,280			382,243
Net income per share – basic	$	0.39		$	9.84
Net income per share – diluted	$	0.39		$	9.76
Net income per share – basic:
Income from continuing operations available to Common Shares, net of Noncontrolling Interests	$	0.39		$	9.84
Discontinued operations, net of Noncontrolling Interests		—			—
Net income per share – basic	$	0.39		$	9.84
Net income per share – diluted:
Income from continuing operations available to Common Shares	$	0.39		$	9.76
Discontinued operations, net		—			—
Net income per share – diluted	$	0.39		$	9.76

ERP Operating Limited Partnership

The following tables set forth the computation of net income per Unit – basic and net income per Unit – diluted for the Operating Partnership (amounts in thousands except per Unit amounts):

	Quarter Ended March 31,
	2017			2016
Numerator for net income per Unit – basic and diluted:
Income from continuing operations	$	149,941		$	3,731,988
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties		(788	)		(764	)
Allocation to Preference Units		(773	)		(773	)
Income from continuing operations available to Units		148,380			3,730,451
Discontinued operations, net		—			(157	)
Numerator for net income per Unit – basic and diluted	$	148,380		$	3,730,294
Denominator for net income per Unit – basic and diluted:
Denominator for net income per Unit – basic		379,504			378,289
Effect of dilutive securities:
Dilution for Units issuable upon assumed exercise/vesting of the Company’s long-term compensation shares/units		2,776			3,954
Denominator for net income per Unit – diluted		382,280			382,243
Net income per Unit – basic	$	0.39		$	9.84
Net income per Unit – diluted	$	0.39		$	9.76
Net income per Unit – basic:
Income from continuing operations available to Units	$	0.39		$	9.84
Discontinued operations, net		—			—
Net income per Unit – basic	$	0.39		$	9.84
Net income per Unit – diluted:
Income from continuing operations available to Units	$	0.39		$	9.76
Discontinued operations, net		—			—
Net income per Unit – diluted	$	0.39		$	9.76