EARNINGS PER COMMON SHARE

12 Months Ended

Dec. 31, 2015

Basic earnings per Common Share is computed by dividing net income attributable to Common Shareholders by the weighted average Common Shares outstanding. At December 31, 2015, the Company has unvested LTIP Units (Note 16) 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 16). The effect of the assumed conversion of 188 Series A Preferred OP Units into 25,067 Common Shares would be anti-dilutive and therefore is not included in the computation of diluted earnings per share for the years ended December 2015, 2014 and 2013.

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.



	Years ended December 31,
(dollars in thousands, except per share amounts)	2015		2014		2013
Numerator:
Income from continuing operations	$	65,708	$	70,865	$	34,026
Less: net income attributable to participating securities	927		1,152		581
Income from continuing operations net of income	64,781		69,713		33,445
attributable to participating securities
Denominator:
Weighted average shares for basic earnings per share	68,851		59,402		54,919
Effect of dilutive securities:
Employee share options	19		24		38
Denominator for diluted earnings per share	68,870		59,426		54,957
Basic earnings per Common Share from continuing operations attributable to Common Shareholders	$	0.94	$	1.18	$	0.61
Diluted earnings per Common Share from continuing operations attributable to Common Shareholders	$	0.94	$	1.18	$	0.61