14.	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,
	2017			2016			2015
Numerators – Basic and Diluted
Continuing Operations:
Loss from continuing operations	$	(404,296	)	$	(12,187	)	$	(237,881	)
Plus: Gain on disposition of real estate		161,164			73,386			167,571
Plus: Loss (income) attributable to non-controlling interests		1,447			(1,187	)		(1,858	)
Less: Preferred dividends		(28,759	)		(22,375	)		(22,375	)
Less: Earnings attributable to unvested shares and OP Units		(989	)		(786	)		(1,286	)
Net (loss) income attributable to common shareholders after allocation to participating securities	$	(271,433	)	$	36,851		$	(95,829	)
Denominators – Number of Shares
Basic – Average shares outstanding		367,362			365,294			360,946
Effect of dilutive securities – Stock options		—			267			—
Diluted – Average shares outstanding		367,362			365,561			360,946
(Loss) Earnings Per Share:
Basic	$	(0.74	)	$	0.10		$	(0.27	)
Diluted	$	(0.74	)	$	0.10		$	(0.27	)

Basic average shares outstanding do not include restricted shares totaling 0.6 million, 0.5 million and 0.7 million that were not vested at December 31, 2017, 2016 and 2015, respectively (Note 13).

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

Potentially Dilutive Securities

•

Options to purchase 1.2 million, 1.8 million and 2.8 million common shares were outstanding at December 31, 2017, 2016 and 2015, respectively (Note 13). These outstanding options were not considered in the computation of diluted EPS for the years ended December 31, 2017 and 2015, as the options were anti-dilutive due to the Company’s loss from continuing operations.

•

Performance Share Units were not considered in the computation of diluted EPS for the years ended December 31, 2017, as the calculation was anti-dilutive. The Performance Share Units were not outstanding for the year ended December 31, 2016 and 2015, and accordingly were not considered in the calculation.

•

Shares subject to issuance under the Company’s 2016 VSEP (Note 13) were not considered in the computation of diluted EPS for the years ended December 31, 2017 and 2016, as the calculation was anti-dilutive. The 2016 VSEP was not outstanding for the year ended December 31, 2015, and accordingly was not considered in the calculation.

•

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).