Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share

Earnings Per Share

13. Earnings Per Share

The following table summarizes the Company's computation of basic and diluted earnings per share (EPS) for the three and six months ended June 30, 2011 and 2010 (unaudited, amounts in thousands except per share information):

	Three Months Ended June 30, 2011								Six Months Ended June 30, 2011
	Income (numerator)			Shares (denominator)		Per Share Amount			Income (numerator)			Shares (denominator)		Per Share Amount
Basic EPS:
Income (loss) from continuing operations	$	(984	)						$	22,809
Less: preferred dividend requirements		(7,551	)							(15,103	)
Noncontrolling interest adjustments		—								(2	)
Income (loss) from continuing operations available to common shareholders	$	(8,535	)		46,648	$	(0.18	)	$	7,704			46,576	$	0.17
Income from discontinued operations available to common shareholders	$	986							$	18,926
Noncontrolling interest adjustments		—								—
Income from discontinued operations	$	986			46,648		0.02		$	18,926			46,576		0.40
Net income (loss) available to common shareholders	$	(7,549	)		46,648	$	(0.16	)	$	26,630			46,576	$	0.57
Diluted EPS:
Income (loss) from continuing operations available to common shareholders	$	(8,535	)		46,648				$	7,704			46,576
Effect of dilutive securities:
Share options		—			—					—			304
Income (loss) from continuing operations available to common shareholders	$	(8,535	)		46,648	$	(0.18	)	$	7,704			46,880	$	0.17
Income from discontinued operations available to common shareholders	$	986			46,648	$	0.02		$	18,926			46,880	$	0.40
Net income (loss) available to common shareholders	$	(7,549	)		46,648	$	(0.16	)	$	26,630			46,880	$	0.57

	Three Months Ended June 30, 2010								Six Months Ended June 30, 2010
	Income (numerator)			Shares (denominator)		Per Share Amount			Income (numerator)			Shares (denominator)		Per Share Amount
Basic EPS:
Income from continuing operations	$	21,190							$	51,693
Less: preferred dividend requirements		(7,552	)							(15,103	)
Noncontrolling interest adjustments		(32	)							(80	)
Income from continuing operations available to common shareholders	$	13,606			44,869	$	0.30		$	36,510			43,865	$	0.83
Loss from discontinued operations available to common shareholders	$	(6,442	)						$	(7,855	)
Noncontrolling interest adjustments		872								1,905
Loss from discontinued operations	$	(5,570	)		44,869		(0.12	)	$	(5,950	)		43,865		(0.13	)
Net income available to common shareholders	$	8,036			44,869	$	0.18		$	30,560			43,865	$	0.70
Diluted EPS:
Income from continuing operations available to common shareholders	$	13,606			44,869				$	36,510			43,865
Effect of dilutive securities:
Share options		—			345					—			320
Income from continuing operations available to common shareholders	$	13,606			45,214	$	0.30		$	36,510			44,185	$	0.83
Loss from discontinued operations available to common shareholders	$	(5,570	)		45,214	$	(0.12	)	$	(5,950	)		44,185	$	(0.14	)
Net income available to common shareholders	$	8,036			45,214	$	0.18		$	30,560			44,185	$	0.69

The dilutive effect of potential common shares from the exercise of share options is included in diluted earnings per share except in those periods with a loss from continuing operations. For the three months ended June 30, 2011, there were 308 thousand potential common shares from the exercise of share options that were excluded from the calculation of diluted earnings per share as the effect was anti-dilutive.

The additional 1.9 million common shares that would result from the conversion of the Company's 5.75% Series C cumulative convertible preferred shares and the additional 1.6 million common shares that would result from the conversion of the Company's 9.0% Series E cumulative convertible preferred shares and the corresponding add-back of the preferred dividends declared on those shares are not included in the calculation of diluted earnings per share for the three and six months ended June 30, 2011 and 2010 because the effect is anti-dilutive.