EARNINGS PER COMMON SHARE

6 Months Ended

Jun. 30, 2015

EARNINGS PER COMMON SHARE

Basic earnings per Common Share is computed by dividing net income attributable to Common Shareholders by the weighted average Common Shares outstanding. At June 30, 2015, the Company has unvested LTIP Units (Note 12) which provide for non-forfeitable rights to dividend equivalent payments. Accordingly, these unvested LTIP Units are considered participating securities and are included in the computation of basic earnings per Common Share pursuant to the two-class method.

Diluted earnings per Common Share reflects the potential dilution of the conversion of obligations and the assumed exercises of securities including the effects of restricted share unit ("Restricted Share Units") and share option awards issued under the Company's Share Incentive Plans (Note 12). The effect of the assumed conversion of 188 Series A Preferred OP Units into 25,067 Common Shares would be dilutive and therefore are included in the computation of diluted earnings per share for the three months ended June 30, 2015 and for the six months ended June 30, 2015 and June 30, 2014. Conversely, the assumed conversion of these would be anti-dilutive and are therefore not included in the computation of diluted earnings per share for the three months ended June 30, 2014.

The effect of the conversion of Common OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Common Shares on a one-for-one basis. The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share.

The following table sets forth the computation of basic and diluted earnings per share from continuing operations for the periods indicated:

2. EARNINGS PER COMMON SHARE (continued)



	Three Months Ended						Six Months Ended
	June 30,						June 30,
(dollars in thousands, except per share amounts)	2015			2014			2015			2014
Numerator
Income from continuing operations	$	26,495		$	11,365		$	43,042		$	32,960
Less: net income attributable to participating securities	(238		)	(197		)	(478		)	(585		)
Income from continuing operations, net of income attributable to participating securities	26,257			11,168			42,564			32,375

Denominator
Weighted average shares for basic earnings per share	68,825			58,013			68,561			56,989
Effect of dilutive securities:
Employee Restricted Share Units and share options	19			19			30			28
Convertible Preferred OP Units	25			—			25			25
Denominator for diluted earnings per share	68,869			58,032			68,616			57,042

Basic and diluted earnings per Common Share from continuing operations attributable to Common Shareholders	$	0.38		$	0.19		$	0.62		$	0.57