XML 54 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
Earnings per Common Share
 9 Months Ended
Sep. 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 September 30,
 
For the nine months ended
September 30,
 
2012
 
2011
 
2012
 
2011
Numerator:
 
 
 
 
 
 
 
Net income (loss) attributable to common shareholders
$
7,462

 
$
2,825

 
$
5,622

 
$
987

Less: dividends paid on unvested share-based compensation
(83
)
 
(127
)
 
(249
)
 
(381
)
Undistributed earnings attributable to share-based compensation
—

 
—

 
—

 
—

Net income (loss) available to common shareholders
$
7,379

 
$
2,698

 
$
5,373

 
$
606

Denominator:
 
 
 
 
 
 
 
Weighted-average number of common shares — basic
58,714,055

 
50,771,355

 
54,227,155

 
46,962,639

Effect of dilutive share-based compensation
46,279

 
—

 
87,314

 
—

Weighted-average number of common shares — diluted
58,760,334

 
50,771,355

 
54,314,469

 
46,962,639

 
 
 
 
 
 
 
 
Net income (loss) per share available to common shareholders — basic
$
0.13

 
$
0.05

 
$
0.10

 
$
0.01

Net income (loss) per share available to common shareholders — diluted
$
0.13

 
$
0.05

 
$
0.10

 
$
0.01


For the three and nine months ended September 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.