Earnings/(Loss) Per Share

6 Months Ended

Jun. 30, 2011

Earnings/(Loss) Per Share [Abstract]

EARNINGS/(LOSS) PER SHARE

8. EARNINGS/(LOSS) PER SHARE

Basic and diluted loss per common share are computed based upon the weighted average number of common shares outstanding during the periods as the effect of adding stock options and other common stock equivalents such as the non-vested restricted stock awards is anti-dilutive.

The following table sets forth the computation of basic and diluted loss per share for the periods presented (amounts in thousands, except per share data):

	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
Numerator for earnings per share — basic and diluted:
Net earnings/(loss) attributable to common stockholders	$	12,149		$	(28,968	)	$	(18,094	)	$	(55,403	)
Denominator for earnings per share — basic and diluted:
Weighted average common shares outstanding		191,758			162,525			187,832			159,873
Non-vested restricted stock awards		(1,279	)		(1,639	)		(1,305	)		(1,351	)
Denominator for basic and diluted earnings per share		190,479			160,886			186,527			158,522
Net earnings/(loss) attributable to common stockholders- basic and diluted	$	0.06		$	(0.18	)	$	(0.10	)	$	(0.35	)

The effect of the conversion of the OP Units, convertible preferred stock, convertible debt, stock options and restricted stock is not dilutive and is therefore not included in the above calculations as the Company reported a loss from continuing operations.

If the OP Units were converted to common stock, the additional weighted average common shares outstanding for the three and six months ended June 30, 2011 and 2010 would be 7,630,342 and 6,353,248 and 5,963,669 and 5,969,784, respectively.

If the convertible preferred stock were converted to common stock, the additional shares of common stock outstanding for the three and six months ended June 30, 2011 and 2010 would be 3,035,548 weighted average common shares.

The dilution from stock options and unvested restricted stock and stock options would be an additional 2,043,257 and 1,997,222 and 2,223,682 and 1,957,850 weighted average common shares for the three and six months ended June 30, 2011 and 2010, respectively.