Earnings per Common Share

6 Months Ended

Jun. 30, 2011

Earnings per Common Share [Abstract]

Earnings per Common Share

Note 8. Earnings per Common Share

     The following is a reconciliation of basic and diluted earnings per common share (in thousands, except share and per-share data):

	For the three months ended June 30,						For the six months ended June 30,
	2011			2010			2011			2010
Numerator:
Net income (loss) attributable to common shareholders	$	1,753		$	(3,814	)	$	(1,838	)	$	(4,413	)
Less: dividends paid on unvested restricted shares		(16	)		—			(31	)		—
Less: dividends paid on LTIP units		(111	)		—			(223	)		—
Undistributed earnings attributable to unvested restricted shares		—			—			—			—
Net income (loss) attributable to common shareholders-basic and diluted	$	1,626		$	(3,814	)	$	(2,092	)	$	(4,413	)
Denominator:
Weighted-average number of common shares — basic and diluted		50,193,672			20,260,590			45,026,715			20,260,319
Net income (loss) per share attributable to common shareholders — basic and diluted	$	0.03		$	(0.19	)	$	(0.05	)	$	(0.22	)

For the three and six months ended June 30, 2011, 132,829 of unvested restricted shares and 929,099 of LTIP units were excluded from diluted weighted-average common shares, as their effect would have been anti-dilutive. For the three and six months ended June 30, 2010, 83,747 unvested restricted shares were excluded from diluted weighted-average common shares, as their effect would have been anti-dilutive.