EX-11 3 dex11.htm STATEMENT RE COMPUTATION OF PER SHARE EARNINGS Prepared by R.R. Donnelley Financial -- Statement Re Computation of Per Share Earnings

Exhibit 11

STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS

(Amounts in thousands except per share data)            
    For the Three Months Ended June 30,
      2002     2001
   
 
Numerator:            
   Net income available to common shareholders   $ 19,437   $ 19,160
   Less: adjustment for gain (loss) on sales of investments in            
      rental properties available to common shareholders     -     -
   
 
Numerator for basic earnings per share-income from continuing            
   operations available to common shareholders     19,437     19,160
             
Effect of dilutive securities:            
   Minority interest in income convertible into common shares     788     884
   
 
Numerator for diluted earnings per share   $ 20,225   $ 20,044
   
 
Denominator:            
   Denominator for basic earnings per share – weighted average            
      shares     45,950     46,430
   Effect of dilutive securities:            
      Weighted average convertible operating company units     1,630     1,900
      Stock options     500     350
   
 
   Dilutive potential common shares     2,130     2,250
   
 
   Denominator for diluted earnings per share-adjusted for            
      weighted average shares and assumed conversion     48,080     48,680
   
 
   Basic earnings per share excluding gain (loss) on sale   $ 0.42   $ 0.41
   
 
   Diluted earnings per share excluding gain (loss) on sale   $ 0.42   $ 0.41
   
 
             
    For the Six Months Ended June 30,
      2002     2001
   
 
Numerator:            
   Net income available to common shareholders   $ 39,635   $ 36,820
   Less: adjustment for gain (loss) on sales of investments in            
      rental properties available to common shareholders     -     -
   
 
Numerator for basic earnings per share-income from continuing            
   operations available to common shareholders     39,635     36,820
             
Effect of dilutive securities:            
   Minority interest in income convertible into common shares     1,587     1,768
   
 
Numerator for diluted earnings per share   $ 41,222   $ 38,588
   
 
             
Denominator:            
   Denominator for basic earnings per share – weighted average            
      shares     45,895     46,320
   Effect of dilutive securities:            
      Weighted average convertible operating company units     1,630     1,960
      Stock options     435     400
   
 
   Dilutive potential common shares     2,065     2,360
   
 
   Denominator for diluted earnings per share-adjusted for            
      weighted average shares and assumed conversion     47,960     48,680
   
 
   Basic earnings per share excluding gain (loss) on sale   $ 0.86   $ 0.79
   
 
   Diluted earnings per share excluding gain (loss) on sale   $ 0.86   $ 0.79