EARNINGS PER COMMON SHARE (Tables)

3 Months Ended

Mar. 31, 2013

EARNINGS PER COMMON SHARE

Schedule of reconciliation of basic and diluted net income and distributions declared per common share

The following table presents a reconciliation of basic and diluted net income per common share for the three months ended March 31, 2013 and 2012 (amounts in thousands, except per share information), as well as the distributions declared per common share during the quarters ended March 31, 2013 and 2012:

	Three months ended March 31, 2013		Three months ended March 31, 2012
Net income	$	98,336	$	88,048
Less: Preferred share distributions	6,738		—
Net income available to common shareholders	$	91,598	$	88,048
Less: Dividends and undistributed earnings allocated to participating securities	338		297
Net income allocated to common shareholders	$	91,260	$	87,751
Basic:
Basic weighted average common shares outstanding	197,153		177,775
Net income per common share	$	0.46	$	0.49
Diluted:
Basic weighted average common shares outstanding	197,153		177,775
Dilutive effect of convertible senior notes(1)	—		4,472
Diluted weighted average common shares outstanding(2)	197,153		182,247
Net income per common share	$	0.46	$	0.48
Distributions declared per common share	$	0.26	$	0.26

(1) During the first quarter of 2013, $172.5 million of the Company’s outstanding convertible notes had been tendered for conversion and were settled with 26.1 million common shares.

(2) Potential anti-dilutive common shares excluded from diluted earnings per share related to common share options were 1,932,279 for the three months ended March 31, 2013 and 2012.