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Earnings per Common Share
 6 Months Ended
Jun. 30, 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 June 30,
 
For the six months ended
June 30,
 
2012
 
2011
 
2012
 
2011
Numerator:
 
 
 
 
 
 
 
Net income (loss) attributable to common shareholders
$
5,407

 
$
1,753

 
$
(1,840
)
 
$
(1,838
)
Less: dividends paid on unvested share-based compensation
(83
)
 
(127
)
 
(166
)
 
(254
)
Undistributed earnings attributable to share-based compensation
—

 
—

 
—

 
—

Net income (loss) available to common shareholders
$
5,324

 
$
1,626

 
$
(2,006
)
 
$
(2,092
)
Denominator:
 
 
 
 
 
 
 
Weighted-average number of common shares — basic
52,908,195

 
50,193,672

 
51,959,049

 
45,026,715

Effect of dilutive share-based compensation
19,667

 
—

 
—

 
—

Weighted-average number of common shares — diluted
52,927,862

 
50,193,672

 
51,959,049

 
45,026,715

 
 
 
 
 
 
 
 
Net income (loss) per share available to common shareholders — basic
$
0.10

 
$
0.03

 
$
(0.04
)
 
$
(0.05
)
Net income (loss) per share available to common shareholders — diluted
$
0.10

 
$
0.03

 
$
(0.04
)
 
$
(0.05
)

For the six months ended June 30, 2012, an aggregate of 204,995 unvested service condition 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 and six months ended June 30, 2011, 132,829 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.