Earnings Per Share

9 Months Ended

Sep. 30, 2015

Earnings per Share

Basic earnings per share (“EPS”) is calculated by dividing net income attributable to the Company’s common stockholders, including participating securities, by the weighted average number of shares outstanding for the period. Certain restricted shares issued pursuant to the Company’s share-based compensation program are considered participating securities, as such shares have rights to receive non-forfeitable dividends. Unvested restricted shares are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated entirely to the common stockholders. Fully-diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into shares of common stock.

The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three and nine months ended September 30, 2015 and 2014:



	Three Month Ended September 30,						Nine Month Ended September 30,
	2015			2014			2015			2014
Computation of Basic Earnings Per Share:
Income from continuing operations	$	54,819		$	33,823		$	141,122		$	87,595
Income attributable to non-controlling interests	(1,046		)	(6,826		)	(2,814		)	(21,778		)
Non-forfeitable dividends on unvested restricted shares	(6		)	(268		)	(17		)	(805		)
Income from continuing operations attributable to common stockholders	53,767			26,729			138,291			65,012
Income from discontinued operations, net of non-controlling interests	—			33			—			87
Net income attributable to the Company’s common stockholders for basic earnings per share	$	53,767		$	26,762		$	138,291		$	65,099

Weighted average number shares outstanding - basic	298,464			244,078			297,714			233,781

Basic Earnings Per Share Attributable to the Company’s Common Stockholders:
Income from continuing operations	$	0.18		$	0.11		$	0.46		$	0.28
Income from discontinued operations	—			—			—			—
Net income	$	0.18		$	0.11		$	0.46		$	0.28

Computation of Diluted Earnings Per Share:
Income from continuing operations attributable to common stockholders	$	53,767		$	26,729		$	138,291		$	65,012
Allocation to convertible non-controlling interests	—			—			2,814			—
Income from continuing operations attributable to common stockholders for diluted earnings per share	53,767			26,729			141,105			65,012
Income from discontinued operations, net of nonconvertible non-controlling interests	—			33			—			87
Net income attributable to the Company’s common stockholders for diluted earnings per share	$	53,767		$	26,762		$	141,105		$	65,099

Weighted average shares outstanding - basic	298,464			244,078			297,714			233,781
Effect of dilutive securities:
Conversion of OP Units	—			—			6,185			—
Equity awards	472			757			807			1,139
Weighted average shares outstanding - diluted	298,936			244,835			304,706			234,920

Diluted Earnings Per Share Attributable to the Company’s Common Stockholders:
Income from continuing operations	$	0.18		$	0.11		$	0.46		$	0.28
Income from discontinued operations	—			—			—			—
Net income	$	0.18		$	0.11		$	0.46		$	0.28