Earnings Per Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share

Note 11. Earnings Per Share

Basic earnings per share (“EPS”) is calculated by dividing net income (loss) attributable to the Company’s common shareholders by the weighted average number of common shares outstanding for the period including participating securities (restricted shares issued pursuant to the Company’s share-based compensation program are considered participating securities, as such shares have non-forfeitable rights to receive dividends). Unvested restricted shares are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated entirely to the common shareholders. For the three months ended September 30, 2013 and 2012, the Company had 3.9 million and 3.6 million, respectively, of weighted average unvested restricted shares outstanding. For the nine months ended September 30, 2013 and 2012, the Company had 3.8 million and 3.2 million, respectively, of weighted average unvested restricted shares outstanding. The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three and nine months ended September 30, 2013 and 2012, respectively:

	Three months ended September 30,		Nine months ended September 30,
	2013	2012	2013	2012
Numerator
(Loss) income from continuing operations	$                (424,000)	$              1,056,000	$              6,650,000	$             (2,243,000)
Preferred stock dividends	(3,602,000)	(3,877,000)	(10,811,000)	(11,015,000)
Preferred stock redemption costs	-	(173,000)	(1,166,000)	(555,000)
Net loss attributable to noncontrolling interests	63,000	127,000	170,000	424,000
Net earnings allocated to unvested shares	(196,000)	(178,000)	(567,000)	(626,000)
(Loss) from continuing operations attributable to common
shareholders	(4,159,000)	(3,045,000)	(5,724,000)	(14,015,000)
Results from discontinued operations, net of noncontrolling interests	484,000	(1,432,000)	1,743,000	986,000
Net (loss) attributable to common shareholders, basic and diluted	$             (3,675,000)	$             (4,477,000)	$             (3,981,000)	$           (13,029,000)
Denominator
Weighted average number of vested common shares outstanding	68,365,000	68,232,000	68,350,000	67,932,000
(Loss) earnings per common share, basic and fully diluted
Continuing operations	$                      (0.06)	$                      (0.05)	$                      (0.09)	$                      (0.20)
Discontinued operations	$                       0.01	$                      (0.02)	$                       0.03	$                       0.01
	$                      (0.05)	$                      (0.07)	$                      (0.06)	$                      (0.19)

Fully-diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into shares of common stock. The net loss attributable to noncontrolling interests of the Operating Partnership has been excluded from the numerator and the related OP Units have been excluded from the denominator for the purpose of calculating diluted EPS as there would have been no effect had such amounts been included. The weighted average number of OP Units outstanding was 252,000 and 281,000 for the three months ended September 30, 2013 and 2012, respectively, and 271,000 and 518,000 for the nine months ended September 30, 2013 and 2012, respectively. In addition, warrants for the purchase of OP Units, which expired on May 31, 2012, have been excluded as they were anti-dilutive for all applicable periods.