Earnings Per Share

3 Months Ended

Mar. 31, 2016

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 months ended March 31, 2016 and 2015:



	Three Months Ended March 31,
	2016			2015
Computation of Basic Earnings Per Share:
Net income	$	61,549		$	31,136
Income attributable to non-controlling interests	(1,072		)	(713		)
Non-forfeitable dividends on unvested restricted shares	(15		)	(4		)
Net income attributable to the Company’s common stockholders for basic earnings per share	$	60,462		$	30,419

Weighted average number shares outstanding - basic	299,180			296,189

Basic Earnings Per Share Attributable to the Company’s Common Stockholders:
Net income	$	0.20		$	0.10

Computation of Diluted Earnings Per Share:
Net income attributable to the Company’s common stockholders for diluted earnings per share	$	60,462		$	30,419

Weighted average shares outstanding - basic	299,180			296,189
Effect of dilutive securities:
Equity awards	199			1,526
Weighted average shares outstanding - diluted ⁽¹⁾	299,379			297,715

Diluted Earnings Per Share Attributable to the Company’s Common Stockholders:
Net income	$	0.20		$	0.10


⁽¹⁾	For the three months ended March 31, 2016 and 2015, the weighted average number of vested OP Units outstanding was 5.3 million and 6.9 million, respectively and was not dilutive.