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Earnings per Common Share
 3 Months Ended
Mar. 31, 2012
Earnings Per Share [Abstract]  
EARNINGS PER COMMON SHARE
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
March 31,
 
2012
 
2011
Numerator:
 
 
 
Net income (loss) attributable to common shareholders
$
(7,247
)
 
$
(3,591
)
Less: dividends paid on unvested share-based compensation
(83
)
 
(15
)
Undistributed earnings attributable to share-based compensation
—

 
—

Net income (loss) available to common shareholders
$
(7,330
)
 
$
(3,606
)
Denominator:
 
 
 
Weighted-average number of common shares — basic
51,009,904

 
39,827,551

Effect of dilutive share-based compensation
—

 
—

Weighted-average number of common shares — diluted
51,009,904

 
39,827,551

Net income (loss) per share attributable to common shareholders — basic
$
(0.14
)
 
$
(0.09
)
Net income (loss) per share attributable to common shareholders — diluted
$
(0.14
)
 
$
(0.09
)

For the three months ended March 31, 2012, 204,995 of unvested restricted shares and performance-based equity awards were excluded from diluted weighted-average common shares, as their effect would have been anti-dilutive. For the three months ended March 31, 2011, 124,564 unvested restricted shares were excluded from diluted weighted-average common shares, as their effect would have been anti-dilutive. The LTIP units held by the non-controlling interest holders have been excluded from the denominator of the diluted earnings per share as there would be no effect on the amounts since the limited partners' share of income (loss) would also be added or subtracted to derive at net income (loss) available to common shareholders.