Earnings Per Share

3 Months Ended

Mar. 31, 2013

Earnings Per Share

Earnings Per Share

9. Earnings Per Share

A participating security is defined by GAAP as an unvested stock-based payment award containing non-forfeitable rights to dividends and must be included in the computation of earnings per share pursuant to the two-class method. Unvested restricted stock awards are considered participating securities as these stock-based awards contain non-forfeitable rights to dividends irrespective of whether the awards ultimately vest or expire. During the three months ended March 31, 2013 and March 31, 2012, there were 229,368 and 165,921, respectively, unvested shares of restricted stock on a weighted average basis that were considered participating securities, which were not dilutive. For purposes of calculating basic and diluted earnings per share, awards under the 2011 Outperformance Program (the “OPP”) are considered contingently issuable shares. Because the OPP awards require the Company to outperform absolute and relative return thresholds, unless such thresholds have been met by the end of the applicable reporting period, the Company excludes the awards from the basic and diluted earnings per share calculation. As of March 31, 2013, the absolute and relative return thresholds were met; however, the OPP awards have been excluded from the diluted earnings per share calculation as they were anti-dilutive.  The absolute and relative return thresholds were not met as of March 31, 2012.

The following tables set forth the computation of basic and diluted earnings per common share for the three months ended March 31, 2013, and March 31, 2012, respectively (in thousands, except share data).

	Three monthsEndedMarch 31, 2013
Numerator
Net loss from continuing operations	$	(418	)
Less: preferred stock dividends	1,553
Less: amount allocable to unvested restricted stockholders	69
Less: noncontrolling interest allocable to continuing operations	(265		)
Loss from continuing operations available to common stockholders	$	(1,775	)
Income attributable to discontinued operations	$	—
Less: noncontrolling interest allocable to discontinued operations	—
Income from discontinued operations attributable to common stockholders	$	—
Denominator
Weighted average common shares outstanding—basic and diluted	40,514,942
Loss from continuing operations attributable to common stockholders	$	(0.04	)
Loss from discontinued operations attributable to common stockholders	—
Loss per share—basic and diluted	$	(0.04	)

	Three monthsEndedMarch 31, 2012
Numerator
Net loss from continuing operations	$	(1,309	)
Less: preferred stock dividends	1,553
Less: amount allocable to unvested restricted stockholders	—
Less: noncontrolling interest allocable to continuing operations	(955		)
Loss from continuing operations available to common stockholders	$	(1,907	)
Loss attributable to discontinued operations	$	(52	)
Less: noncontrolling interest allocable to discontinued operations	(17		)
Income from discontinued operations attributable to common stockholders	$	(35	)
Denominator
Weighted average common shares outstanding—basic and diluted	15,824,627
Loss from continuing operations attributable to common stockholders	$	(0.12	)
Loss from discontinued operations attributable to common stockholders	(0.00		)
Loss per share—basic and diluted	$	(0.12	)