Earnings Per Share ("EPS")

12 Months Ended

Dec. 31, 2016

Earnings Per Share ("EPS"):

The following table reconciles the numerator and denominator used in the computation of earnings per share for the years ended December 31 (shares in thousands):



	2016			2015			2014
Numerator
Net Income	$	554,839		$	522,912		$	1,606,931
Net income attributable to noncontrolling interests	(37,844		)	(35,350		)	(107,889		)
Net income attributable to the Company	516,995			487,562			1,499,042
Allocation of earnings to participating securities	(779		)	(1,493		)	(1,576		)
Numerator for basic and diluted EPS—net income attributable to common stockholders	$	516,216		$	486,069		$	1,497,466
Denominator
Denominator for basic EPS—weighted average number of common shares outstanding	146,599			157,916			143,144
Effect of dilutive securities (1)
Share and unit based compensation	112			144			147
Denominator for diluted EPS—weighted average number of common shares outstanding	146,711			158,060			143,291
Earnings per common share—net income attributable to common stockholders:
Basic	$	3.52		$	3.08		$	10.46
Diluted	$	3.52		$	3.08		$	10.45

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(1)	Diluted EPS excludes 133,366, 139,186 and 179,667 convertible preferred units for the years ended December 31, 2016, 2015 and 2014, respectively, as their impact was antidilutive.

Diluted EPS excludes 10,721,271 and 10,562,154 and 10,079,935 Operating Partnership units ("OP Units") for the years ended December 31, 2016, 2015 and 2014, respectively, as their effect was antidilutive.