16.	Earnings Per Share

The following table provides a reconciliation of net (loss) income 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):

	For the Year Ended December 31,
	2015			2014			2013
Numerators – Basic and Diluted
Continuing Operations:
(Loss) income from continuing operations	$	(237,881	)	$	21,107		$	21,419
Plus: Gain on disposition of real estate		167,571			3,060			467
Plus: (Income) loss attributable to non-controlling interests		(1,858	)		2,356			(640	)
Less: Write-off of preferred share original issuance costs		—			(1,943	)		(5,246	)
Less: Preferred dividends		(22,375	)		(24,054	)		(27,721	)
Less: Earnings attributable to unvested shares and OP Units		(1,286	)		(1,684	)		(1,367	)
Loss from continuing operations		(95,829	)		(1,158	)		(13,088	)
Discontinued Operations:
Income (loss) from discontinued operations		—			89,398			(31,267	)
Plus: loss (income) attributable to non-controlling interests		—			1,361			(154	)
Net (loss) income attributable to common shareholders after allocation to participating securities	$	(95,829	)	$	89,601		$	(44,509	)
Denominators – Number of Shares
Basic and Diluted—Average shares outstanding		360,946			358,122			326,426

Basic Earnings Per Share:
Loss from continuing operations attributable to common shareholders	$	(0.27	)	$	0.00		$	(0.04	)
Income (loss) from discontinued operations attributable to common shareholders		—			0.25			(0.10	)
Net (loss) income attributable to common shareholders	$	(0.27	)	$	0.25		$	(0.14	)
Diluted Earnings Per Share:
Loss from continuing operations attributable to common shareholders	$	(0.27	)	$	0.00		$	(0.04	)
Income (loss) from discontinued operations attributable to common shareholders		—			0.25			(0.10	)
Net (loss) income attributable to common shareholders	$	(0.27	)	$	0.25		$	(0.14	)

Basic average shares outstanding do not include restricted shares totaling 0.7 million, 1.2 million and 1.8 million that were not vested at December 31, 2015, 2014 and 2013, respectively (Note 15).

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

Potentially Dilutive Securities

Options to purchase 2.8 million, 3.0 million and 2.7 million common shares were outstanding at December 31, 2015, 2014 and 2013, respectively (Note 15). These outstanding options were not considered in the computation of diluted EPS for all periods presented, as the options were anti-dilutive due to the Company’s loss from continuing operations.

The Company’s senior convertible notes due 2040 were not included in the computation of diluted EPS for all periods presented due to the Company’s loss from continuing operations. These notes were repaid in 2015 (Note 7). The senior convertible notes had a conversion price of $14.85 at December 31, 2014.

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 (Note 10).

Shares subject to issuance under the Company’s 2013 VSEP (Note 15) were not considered in the computation of diluted EPS for the years ended December 31, 2014 and 2013, as the calculation was anti-dilutive. The final measurement date for the 2013 VSEP was December 31, 2015, and accordingly not dilutive.

The 39.1 million common shares that were subject to forward equity agreements entered into in May 2013 were not included in the computation of diluted EPS using the treasury stock method prior to the date of settlement because they were anti-dilutive due to the Company’s loss from continuing operations. The Company settled the forward equity agreements in September and October 2013. The agreement was not in effect in 2015 or 2014.