13.	EARNINGS PER SHARE

The following table calculates the Company’s earnings per share (“EPS”) and provides a reconciliation of net (loss) income from continuing operations and the number of common shares used in the computations of “basic” EPS, which utilizes the weighted-average number of common shares outstanding without regard to dilutive potential common shares, and “diluted” EPS, which includes all such shares (in thousands, except per share amounts):

	Three-Month Periods Ended March 31,
	2014			2013
Basic Earnings:
Continuing Operations:
(Loss) income from continuing operations	$	(28,218	)	$	11,702
Plus: Loss on disposition of real estate		(1,090	)		(57	)
Plus: Loss attributable to non-controlling interests		(155	)		(155	)
Preferred dividends		(6,608	)		(7,030	)
Less: Earnings attributable to unvested shares and operating partnership units		(310	)		(364	)
Basic—(Loss) income from continuing operations	$	(36,381	)	$	4,096
Discontinued Operations:
Basic—Income (loss) from discontinued operations		10,930			(5,151	)
Plus: Income (loss) attributable to non-controlling interest		1,893			(36	)
Basic—Net loss attributable to DDR common shareholders after allocation to participating securities	$	(23,558	)	$	(1,091	)
Diluted Earnings:
Continuing Operations:
Basic—(Loss) income from continuing operations	$	(36,071	)	$	4,460
Less: Earnings attributable to unvested shares and operating partnership units		(310	)		(364	)
Diluted—(Loss) income from continuing operations		(36,381	)		4,096
Discontinued Operations:
Basic—Income (loss) from discontinued operations		12,823			(5,187	)
Diluted—Net loss attributable to DDR common shareholders after allocation to participating securities	$	(23,558	)	$	(1,091	)
Number of Shares:
Basic—Average shares outstanding		357,634			313,231
Effect of dilutive securities:
Stock options		―			478
Value sharing equity program		―			190
Diluted—Average shares outstanding		357,634			313,899
Basic Earnings Per Share:
(Loss) income from continuing operations attributable to DDR common shareholders	$	(0.10	)	$	0.01
Income (loss) from discontinued operations attributable to DDR common shareholders		0.03			(0.01	)
Net loss attributable to DDR common shareholders	$	(0.07	)	$	0.00
Dilutive Earnings Per Share:
(Loss) income from continuing operations attributable to DDR common shareholders	$	(0.10	)	$	0.01
Income (loss) from discontinued operations attributable to DDR common shareholders		0.03			(0.01	)
Net loss attributable to DDR common shareholders	$	(0.07	)	$	0.00

The following potentially dilutive securities are considered in the calculation of EPS as described below:

Potentially Dilutive Securities:

The Company’s senior convertible notes due 2040, which are convertible into common shares of the Company with a conversion price of $15.20 at March 31, 2014, were not included in the computation of diluted EPS for all periods presented because the Company’s common share price did not exceed 125% of the conversion price in these periods and would therefore be anti-dilutive.

·	Shares subject to issuance under the Company’s 2013 Value Sharing Equity Program were not considered in the computation of diluted EPS for the three months ended March 31, 2014, because they were anti-dilutive due to the Company’s loss from continuing operations.

Common Shares

Common share dividends declared were $ 0.155 and $0.135 per share for the three-month periods ended March 31, 3014 and 2013, respectively.