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Earnings per Share
 9 Months Ended
Sep. 30, 2012
Earnings Per Share [Abstract]  
Earnings per Share
Earnings per Share
In connection with the April 12, 2011 issuance of restricted common stock to certain executive officers, for each reporting period after the grant date, earnings (loss) per common share attributable to Company shareholders (EPS) is calculated pursuant to the two-class method which specifies that all outstanding unvested share-based payment awards that contain nonforfeitable rights to distributions are considered participating securities and should be included in the computation of EPS.
The Company presents both basic and diluted EPS amounts. Basic EPS is calculated by dividing net distributed and undistributed earnings attributable to common shareholders, excluding participating securities, by the weighted average number of common shares outstanding. Diluted EPS includes the components of basic EPS and, in addition, reflects the impact of other potentially dilutive shares outstanding during the period using the two-class method.
Shares of the Company's common stock related to the restricted common stock issuance are not included in the denominator of basic EPS until contingencies are resolved and the shares are released. Such shares are not included in the denominator of diluted EPS until contingencies are resolved and the shares are released since such inclusion would be anti-dilutive.
The following is a reconciliation between weighted average shares used in the basic and diluted EPS calculations, excluding amounts attributable to noncontrolling interests:

Three Months Ended September 30,

Nine Months Ended September 30,

 
2012
 
2011
 
2012
 
2011
 
Numerator:
 
 
 
 
 

 

Loss from continuing operations
$
(14,570
)
 
$
(18,264
)

$
(28,009
)

$
(52,768
)

Gain (loss) on sales of investment properties, net
1,650

 
(891
)

6,652


4,171


Net income from continuing operations attributable to noncontrolling interests
—

 
(7
)

—


(23
)

Loss from continuing operations attributable to Company shareholders
(12,920
)
 
(19,162
)

(21,357
)

(48,620
)

(Loss) income from discontinued operations
(3,032
)
 
14,139

 
6,793

 
(10,152
)

Net loss attributable to Company shareholders
(15,952
)
 
(5,023
)

(14,564
)

(58,772
)

Distributions paid on unvested restricted shares
(7
)
 
(2
)
 
(17
)
 
(2
)

Net loss attributable to Company shareholders excluding amounts attributable to unvested restricted shares
$
(15,959
)
 
$
(5,025
)

$
(14,581
)

$
(58,774
)










Denominator:
 
 
 

 

 
 
Denominator for loss per common share — basic:
 
 
 
 
 
 
 
 
Weighted average number of common shares outstanding
230,597

(a)
192,779

(b)
217,087

(a)
192,127

(b)
Effect of dilutive securities — stock options
—

(c)
—

(c)
—

(c)
—

(c)
Denominator for loss per common share — diluted:












Weighted average number of common and common equivalent shares outstanding
230,597

 
192,779

 
217,087

 
192,127

 
(a)
Excluded from these weighted average amounts are 46 shares of restricted common stock, which equate to 46 and 37 shares, respectively, on a weighted average basis for the three and nine months ended September 30, 2012. These shares will continue to be excluded from the computation of basic EPS until contingencies are resolved and the shares are released.
(b)
Excluded from these weighted average amounts are 14 shares of restricted common stock, which equate to 14 and 8 shares, respectively, on a weighted average basis for the three and nine months ended September 30, 2011. These shares will continue to be excluded from the computation of basic EPS until contingencies are resolved and the shares are released.
(c)
Outstanding options to purchase shares of common stock, the effect of which would be anti-dilutive, were 69 and 55 shares as of September 30, 2012 and 2011, respectively, at a weighted average exercise price of $20.83 and $21.70, respectively. These shares were not included in the computation of diluted EPS because either a loss from continuing operations was reported for the respective periods or the options were out of the money, or both.