Earnings Per Share and Earnings Per Unit (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Calculation of Numerator and Denominator in Earnings Per Share and Earnings Per Unit

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):

	Year Ended December 31,
	2018			2017			2016
Numerator for net income per share – basic:
Income from continuing operations	$	685,192		$	628,381		$	4,479,586
Allocation to Noncontrolling Interests – Operating Partnership, net		(24,939	)		(22,604	)		(171,491	)
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties		(2,718	)		(2,323	)		(16,430	)
Preferred distributions		(3,090	)		(3,091	)		(3,091	)
Income from continuing operations available to Common Shares, net of Noncontrolling Interests		654,445			600,363			4,288,574
Discontinued operations, net of Noncontrolling Interests		—			—			498
Numerator for net income per share – basic	$	654,445		$	600,363		$	4,289,072
Numerator for net income per share – diluted:
Income from continuing operations	$	685,192		$	628,381		$	4,479,586
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties		(2,718	)		(2,323	)		(16,430	)
Preferred distributions		(3,090	)		(3,091	)		(3,091	)
Income from continuing operations available to Common Shares		679,384			622,967			4,460,065
Discontinued operations, net		—			—			518
Numerator for net income per share – diluted	$	679,384		$	622,967		$	4,460,583
Denominator for net income per share – basic and diluted:
Denominator for net income per share – basic		368,052			366,968			365,002
Effect of dilutive securities:
OP Units		12,869			12,901			13,827
Long-term compensation shares/units		2,774			2,809			3,163
Denominator for net income per share – diluted		383,695			382,678			381,992
Net income per share – basic	$	1.78		$	1.64		$	11.75
Net income per share – diluted	$	1.77		$	1.63		$	11.68
Net income per share – basic:
Income from continuing operations available to Common Shares, net of Noncontrolling Interests	$	1.78		$	1.64		$	11.75
Discontinued operations, net of Noncontrolling Interests		—			—			—
Net income per share – basic	$	1.78		$	1.64		$	11.75
Net income per share – diluted:
Income from continuing operations available to Common Shares	$	1.77		$	1.63		$	11.68
Discontinued operations, net		—			—			—
Net income per share – diluted	$	1.77		$	1.63		$	11.68

Distributions declared per Common Share outstanding	$	2.16		$	2.015		$	13.015

ERPOP [Member]

Schedule of Calculation of Numerator and Denominator in Earnings Per Share and Earnings Per Unit

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):

	Year Ended December 31,
	2018			2017			2016
Numerator for net income per Unit – basic and diluted:
Income from continuing operations	$	685,192		$	628,381		$	4,479,586
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties		(2,718	)		(2,323	)		(16,430	)
Allocation to Preference Units		(3,090	)		(3,091	)		(3,091	)
Income from continuing operations available to Units		679,384			622,967			4,460,065
Discontinued operations, net		—			—			518
Numerator for net income per Unit – basic and diluted	$	679,384		$	622,967		$	4,460,583
Denominator for net income per Unit – basic and diluted:
Denominator for net income per Unit – basic		380,921			379,869			378,829
Effect of dilutive securities:
Dilution for Units issuable upon assumed exercise/vesting of the Company’s long-term compensation shares/units		2,774			2,809			3,163
Denominator for net income per Unit – diluted		383,695			382,678			381,992
Net income per Unit – basic	$	1.78		$	1.64		$	11.75
Net income per Unit – diluted	$	1.77		$	1.63		$	11.68
Net income per Unit – basic:
Income from continuing operations available to Units	$	1.78		$	1.64		$	11.75
Discontinued operations, net		—			—			—
Net income per Unit – basic	$	1.78		$	1.64		$	11.75
Net income per Unit – diluted:
Income from continuing operations available to Units	$	1.77		$	1.63		$	11.68
Discontinued operations, net		—			—			—
Net income per Unit – diluted	$	1.77		$	1.63		$	11.68

Distributions declared per Unit outstanding	$	2.16		$	2.015		$	13.015