13.	Earnings Per Share

The following table provides a reconciliation of net income (loss) from continuing operations and the number of common shares used in the computations of “basic” earnings per share (“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 Months						Six Months
	Ended June 30,						Ended June 30,
	2015			2014			2015			2014
Numerators – Basic and Diluted
Continuing Operations:
Income (loss) from continuing operations	$	7,780		$	68,078		$	(260,228	)	$	47,777
Plus: Gain on disposition of real estate		11,267			1,472			36,361			383
Plus: Income attributable to non-controlling interests		(449	)		(347	)		(1,322	)		(501	)
Less: Write-off of preferred share original issuance costs		—			(1,943	)		—			(1,943	)
Less: Preferred dividends		(5,594	)		(6,259	)		(11,188	)		(12,867	)
Less: Earnings attributable to unvested shares and operating partnership units		(420	)		(464	)		(868	)		(777	)
Income (loss) from continuing operations		12,584			60,537			(237,245	)		32,072
Discontinued Operations:
Income from discontinued operations		—			7,345			—			10,357
Plus: (Income) loss attributable to non-controlling interests		—			(531	)		—			1,361
Net income (loss) attributable to common shareholders after allocation to participating securities	$	12,584		$	67,351		$	(237,245	)	$	43,790
Denominators – Number of Shares
Basic—Average shares outstanding		360,073			357,812			359,914			357,717
Effect of dilutive securities:
Senior convertible notes		3,631			—			—			—
Stock options		443			483			—			459
Diluted—Average shares outstanding		364,147			358,295			359,914			358,176
Basic Earnings Per Share:
Income (loss) from continuing operations attributable to common shareholders	$	0.03		$	0.17		$	(0.66	)	$	0.09
Income from discontinued operations attributable to common shareholders		—			0.02			—			0.03
Net income (loss) attributable to common shareholders	$	0.03		$	0.19		$	(0.66	)	$	0.12
Diluted Earnings Per Share:
Income (loss) from continuing operations attributable to common shareholders	$	0.03		$	0.17		$	(0.66	)	$	0.09
Income from discontinued operations attributable to common shareholders		—			0.02			—			0.03
Net income (loss) attributable to common shareholders	$	0.03		$	0.19		$	(0.66	)	$	0.12

The following potentially dilutive securities were considered in the calculation of EPS:

Potentially Dilutive Securities

The Company’s senior convertible notes due 2040 were not included in the computation of diluted EPS for the six months ended June 30, 2015, due to the Company’s loss from continuing operations and for the three and six months ended June 30, 2014, because the Company’s common share priced did not exceed the conversion price in these periods. The senior convertible notes due 2040 are considered a dilutive security for the computation of diluted EPS for the three months ended June 30, 2015 because the average price of the Company’s stock for the quarter ended exceeded the conversion price at June 30, 2015. In accordance with the terms specified in the governing documents, the senior convertible notes are convertible into common shares of the Company during the subsequent quarter if the Company’s trading price exceeds 125% of the conversion rate ($14.59 at June 30, 2015), for at least 20 trading days (whether consecutive or not consecutive) in the period of 30 consecutive trading days ending on the last trading day of the fiscal quarter. These notes were not convertible at June 30, 2015.

·	Shares subject to issuance under the Company’s 2013 VSEP were not considered in the computation of diluted EPS for the three and six months ended June 30, 2015 and 2014 because the calculation was anti-dilutive.

·	At June 30, 2015 and 2014, the Company had 1,441,890 OP Units outstanding (Note 15). The exchange into common shares associated with OP Units was not included in the computation of diluted shares outstanding for all periods presented because the effect of assuming conversion was anti-dilutive.

Common Shares

Common share dividends declared per share were as follows:

	Three Months				Six Months
	Ended June 30,				Ended June 30,
	2015		2014		2015		2014
Common share dividends declared per share	$	0.1725	$	0.155	$	0.345	$	0.310