Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2013

Summary of Significant Accounting Policies

Schedule of assets measured at fair value on a recurring and non-recurring basis

The following table presents our assets measured at fair value on a recurring and non-recurring basis at March 31, 2013 and December 31, 2012 (in thousands):

			Fair Value Measurements at Reporting Date
	Total		Level 1		Level 2		Level 3
March 31, 2013 (unaudited):
Interest rate cap derivative agreements	$	57	$	—	$	57	$	—
Life insurance policy	1,544		—		1,544		—
Total assets at March 31, 2013	$	1,601	$	—	$	1,601	$	—
December 31, 2012:
Interest rate cap derivative agreements	$	48	$	—	$	48	$	—
Life insurance policy	1,494		—		1,494		—
Total assets at December 31, 2012	$	1,542	$	—	$	1,542	$	—

Schedule of liabilities measured at fair value on a recurring and non-recurring basis

The following table presents our liabilities measured at fair value on a recurring and non-recurring basis at March 31, 2013 and December 31, 2012 (in thousands):

			Fair Value Measurements at Reporting Date
	Total		Level 1		Level 2		Level 3
March 31, 2013 (unaudited):
Interest rate swap derivative agreement	$	1,488	$	—	$	1,488	$	—
Retirement benefit agreement	1,544		—		1,544		—
Total liabilities at March 31, 2013	$	3,032	$	—	$	3,032	$	—
December 31, 2012:
Interest rate swap derivative agreement	$	1,636	$	—	$	1,636	$	—
Retirement benefit agreement	1,494		—		1,494		—
Total liabilities at December 31, 2012	$	3,130	$	—	$	3,130	$	—

Schedule of amortization of deferred financing fees

Total amortization of deferred financing fees for the three months ended March 31, 2013 and 2012 was as follows (in thousands):

	Three Months Ended March 31, 2013		Three Months Ended March 31, 2012
	(unaudited)		(unaudited)
Continuing operations:
Amortization of deferred financing fees	$	758	$	943
Discontinued operations:
Amortization of deferred financing fees	2		24
Total amortization of deferred financing fees	$	760	$	967

Schedule of computation of basic and diluted earnings (loss) per common share

The following table sets forth the computation of basic and diluted earnings (loss) per common share (in thousands, except per share data):

	Three Months Ended March 31, 2013			Three Months Ended March 31, 2012
	(unaudited)			(unaudited)
Numerator:
Net income (loss)	$	28,926		$	(12,968	)
Income from consolidated joint ventures attributable to non-controlling interest	(297		)	(560		)
Distributions to non-controlling interest	(8		)	(8		)
Preferred stock dividends and redemption charge	(10,903		)	(7,437		)
Undistributed income allocated to unvested restricted stock compensation	(218		)	—
Numerator for basic and diluted earnings available (loss attributable) to common stockholders	$	17,500		$	(20,973	)
Denominator:
Weighted average basic and diluted common shares outstanding	151,076			117,426
Basic and diluted earnings available (loss attributable) to common stockholders per common share	$	0.12		$	(0.18	)