Earnings Per Share

3 Months Ended

Mar. 31, 2013

Earnings Per Share [Abstract]

Earnings Per Share

8. 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 shares of restricted stock 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.

As further described in Note 9 below, we completed a one-for-two reverse stock split of our Class A common stock on July 23, 2012 in connection with our 2012 Offering. Accordingly, all Class A share amounts and related per share data, including our EPS data for the three months ended March 31, 2012 below have been retroactively presented to reflect the reverse stock split. The following table provides a reconciliation of net income and the number of shares of common stock used in the computations of basic and diluted EPS under the two-class method (in thousands, except per share amounts):

	For the three months ended March 31,
	2013		2012
Continuing Operations
Net Income attributable to common stockholders	$	8,396	$	1,257
Less: Dividends attributable to unvested
restricted stockholders		(108)		(47)
Net income attributable to common
stockholders after allocation to
participating securities	$	8,288	$	1,210
Number of Shares:
Basic and Diluted — Weighted average shares
outstanding(1)		15,590		11,374
Basic and Diluted Earnings Per Share
Net income attributable to common
stockholders	$	0.53	$	0.11

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(1) Weighted average shares outstanding do not include unvested shares of restricted stock totaling 542 and 233 for the three months ended March 31, 2013, and 2012, respectively.