Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2013

Summary of Significant Accounting Policies

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

The following table presents the Company’s assets measured at fair value on a recurring and non-recurring basis at September 30, 2013 and December 31, 2012 (in thousands):

			Fair Value Measurements at Reporting Date
	Total		Level 1		Level 2		Level 3
September 30, 2013 (unaudited):
Interest rate cap derivative agreements	$	49	$	—	$	49	$	—
Life insurance policy	1,376		—		1,376		—
Total assets at September 30, 2013	$	1,425	$	—	$	1,425	$	—
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 the Company’s liabilities measured at fair value on a recurring and non-recurring basis at September 30, 2013 and December 31, 2012 (in thousands):

			Fair Value Measurements at Reporting Date
	Total		Level 1		Level 2		Level 3
September 30, 2013 (unaudited):
Interest rate swap derivative agreement	$	1,196	$	—	$	1,196	$	—
Retirement benefit agreement	1,376		—		1,376		—
Total liabilities at September 30, 2013	$	2,572	$	—	$	2,572	$	—
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 and write-off of deferred financing fees

Total amortization and write-off of deferred financing fees for the three and nine months ended September 30, 2013 and 2012 was as follows (in thousands):

	Three Months Ended September 30, 2013		Three Months Ended September 30, 2012		Nine Months Ended September 30, 2013		Nine Months Ended September 30, 2012
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Continuing operations:
Amortization of deferred financing fees	$	736	$	922	$	2,219	$	2,804
Write-off of deferred financing fees	—		—		—		3
Total — continuing operations	736		922		2,219		2,807
Discontinued operations:
Amortization of deferred financing fees	—		20		2		67
Write-off of deferred financing fees	—		185		—		185
Total — discontinued operations	—		205		2		252
Total amortization and write-off of deferred financing fees	$	736	$	1,127	$	2,221	$	3,059

Schedule of computation of basic and diluted earnings per common share

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

	Three Months Ended September 30, 2013			Three Months Ended September 30, 2012			Nine Months Ended September 30, 2013			Nine Months Ended September 30, 2012
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
Numerator:
Net income	$	15,817		$	39,556		$	64,752		$	38,443
Income from consolidated joint venture attributable to non-controlling interest	(1,768		)	(827		)	(3,291		)	(1,694		)
Distributions to non-controlling interest	(8		)	(8		)	(24		)	(24		)
Dividends paid on unvested restricted stock compensation	(101		)	—			(101		)	—
Preferred stock dividends and redemption charges	(2,300		)	(7,437		)	(16,713		)	(22,311		)
Undistributed income allocated to unvested restricted stock compensation	(30		)	(352		)	(295		)	(162		)
Numerator for basic and diluted earnings available to common stockholders	$	11,610		$	30,932		$	44,328		$	14,252
Denominator:
Weighted average basic and diluted common shares outstanding	160,856			135,236			157,628			124,271
Basic and diluted earnings available to common stockholders per common share	$	0.07		$	0.23		$	0.28		$	0.11