Earnings Per Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

Earnings Per Share

11. EARNINGS PER SHARE

     We report both basic and diluted EPS using the two-class method as required under GAAP. The two-class method is an earnings allocation method for computing EPS when an entity's capital structure includes either two or more classes of common stock or includes common stock and participating securities. The two-class method determines EPS based on distributed earnings (i.e. dividends declared on common stock and any participating securities) and undistributed earnings. Our unvested restricted shares contain rights to receive non-forfeitable dividends and thus are participating securities. Undistributed losses are not allocated to participating securities under the two-class method unless the participating security has a contractual obligation to share in losses on a basis that is objectively determinable. Pursuant to the two-class method, our unvested shares of restricted stock have not been allocated any undistributed losses.

     The following table provides a reconciliation of net (loss) income from continuing operations and the number of common shares used in the computations of basic and diluted EPS under the two-class method (in thousands, except per share amounts):

		For the years ended December 31,
		2011			2010			2009
Continuing Operations
Income (loss) from continuing operations attributable to
common stockholders	$	3,675		$	(77	)	$	2,623
Less: Dividends paid to Class C and D stockholders		-			-			(18,528	)
Less: Dividends attributable to unvested restricted
stockholders		(166	)		(194	)		(139	)
Less: Income attributable to non-controlling interests		-			(173	)		(121	)
Basic and Diluted — Income (loss) from continuing
operations		3,509			(444	)		(16,165	)
Discontinued Operations
Basic and Diluted — Income from discontinued
operations		565			6,382			2,632
Net income (loss) attributable to common stockholders
after allocation to participating securities	$	4,074		$	5,938		$	(13,533	)
Number of Shares:
Basic and Diluted — Weighted average shares
outstanding(1)		22,768			22,672			6,824
Basic and Diluted Earnings Per Share
Income (loss) from continuing operations attributable to
common stockholders	$	0.16		$	(0.02	)	$	(2.37	)
Income from discontinued operations attributable to
common stockholders	$	0.02		$	0.28		$	0.39
Net income (loss) attributable to common stockholders	$	0.18		$	0.26		$	(1.98	)

(1) Weighted average shares outstanding do not include unvested restricted shares totaling 414, 431 and 278 for the years ended December 31, 2011, 2010 and 2009, respectively.