Earnings Per Share

3 Months Ended

Mar. 31, 2016

9.	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
	Ended March 31,
	2016			2015
Numerators – Basic and Diluted
Income (loss) from continuing operations	$	33,492		$	(268,008	)
Plus: Gain on disposition of real estate		12,381			25,094
Plus: Income attributable to non-controlling interests		(300	)		(873	)
Less: Preferred dividends		(5,594	)		(5,594	)
Less: Earnings attributable to unvested shares and operating partnership units		(210	)		(437	)
Net income (loss) attributable to common shareholders after allocation to participating securities	$	39,769		$	(249,818	)
Denominators – Number of Shares
Basic—Average shares outstanding		364,691			359,818
Effect of dilutive securities:
Stock options		351			—
Diluted—Average shares outstanding		365,042			359,818
Earnings Per Share:
Basic	$	0.11		$	(0.69	)
Diluted	$	0.11		$	(0.69	)

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

Potentially Dilutive Securities

At March 31, 2016 and 2015, the Company had 398,701 and 1,441,890 operating partnership units outstanding, respectively. The exchange into common shares associated with operating partnership units was not included in the computation of diluted shares outstanding for all periods presented because the effect of assuming conversion was anti-dilutive.

Shares subject to issuance under the 2016 VSEP (Note 7) were not considered in the computation of diluted EPS for the three months ended March 31, 2016, as the calculation was anti-dilutive. The 2016 VSEP was not in effect for the three months ended March 31, 2015.

Common Shares

Common share dividends declared were $0.19 and $0.1725 per share for the three-months ended March 31, 2016 and 2015, respectively.