Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2011

Accounting Policies [Abstract]

Schedule of Variable Interest Entities

The following is a summary of the carrying value in our consolidated balance sheets, as well as our maximum loss exposure under guarantees, for entities we have determined to be VIEs (in millions):

	Carrying Value						Maximum Loss Exposure
	December 31, 2011			December 31, 2010			December 31, 2011			December 31, 2010
Investment in Unconsolidated Company	$	33.5		$	31.7		$	33.5		$	31.7
Guarantee Obligations (1)	$	(17.7	)	$	(25.2	)	$	(57.0	)	$	(63.7	)

(1) We are party to guarantees of the third-party debt of these joint ventures and our maximum loss exposure is equal to the maximum monetary obligation pursuant to the guarantee agreements. In 2009, we recorded a liability for our probable future obligation under a guarantee to the lender of one of these ventures. Pursuant to an agreement with the lender, we may make partner loans to this joint venture that will reduce our maximum guarantee obligation on a dollar-for-dollar basis. The carrying value of our recorded guarantee obligations is included in other liabilities in our Consolidated Balance Sheets.

Schedule of Increase to Interest Expense on the Exchangeable Notes

The increase to interest expense (in thousands) on the Exchangeable Notes, which led to a corresponding decrease to net income, for the years ended December 31, 2011, 2010 and 2009 is summarized as follows:

	2011		2010		2009
Interest expense on Exchangeable Notes, excluding effect of accounting for convertible debt	$	5,769	$	7,136	$	14,850
Effect of accounting for convertible debt	2,090		2,474		5,024
Total interest expense on Exchangeable Notes	$	7,859	$	9,610	$	19,874

Schedule of Earnings Per Share, Basic and Diluted

The following table reconciles the components of basic and diluted net income (loss) per common share (in thousands):

	2011			2010			2009
Net income (loss) attributable to common shareholders	$	31,416		$	(14,108	)	$	(333,601	)
Less: Dividends on participating securities	(3,243		)	(2,513		)	(1,759		)
Basic net income (loss) attributable to common shareholders	28,173			(16,621		)	(335,360		)
Noncontrolling interest in earnings of common unitholders	859			—			—
Diluted net income (loss) attributable to common shareholders	$	29,032		$	(16,621	)	$	(335,360	)
Weighted average number of common shares outstanding	252,694			238,920			201,206
Weighted average partnership Units outstanding	6,904			—			—
Other potential dilutive shares	—			—			—
Weighted average number of common shares and potential dilutive securities	259,598			238,920			201,206

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table summarizes the data that is excluded from the computation of net income (loss) per common share as a result of being anti-dilutive (in thousands):

	2011		2010		2009
Noncontrolling interest in earnings of common unitholders	$	—	$	351	$	11,099
Weighted average partnership Units outstanding	—		5,950		6,687
Other potential dilutive shares:
Anti-dilutive outstanding potential shares under fixed stock option plans	1,677		1,779		6,768
Anti-dilutive potential shares under the Exchangeable Notes	3,140		3,890		8,089
Outstanding participating securities	4,780		4,331		2,369

Reconciliation of Net Income to Taxable Income Before Dividends Paid Deduction

The following table reconciles our net income (loss) to taxable income (loss) before the dividends paid deduction for the years ended December 31, 2011, 2010 and 2009 (in thousands):

	2011			2010			2009
Net income (loss)	$	96,309		$	65,262		$	(271,490	)
Book/tax differences	(11,127		)	74,065			441,784
Taxable income before adjustments	85,182			139,327			170,294
Less: capital gains	—			(62,403		)	(10,828		)
Adjusted taxable income subject to 90% distribution requirement	$	85,182		$	76,924		$	159,466

Computation of Dividends Paid Deduction

Our dividends paid deduction is summarized below (in thousands):

	2011			2010			2009
Cash dividends paid	$	232,203		$	231,446		$	224,784
Less: Capital gain distributions	—			(62,403		)	(10,828		)
Less: Return of capital	(142,618		)	(86,630		)	(49,321		)
Total dividends paid deduction attributable to adjusted taxable income	$	89,585		$	82,413		$	164,635

Summary of Tax Characterization of Dividends Paid

A summary of the tax characterization of the dividends paid for the years ended December 31, 2011, 2010 and 2009 follows:

	2011		2010		2009
Common Shares
Ordinary income	3.3	%	24.9	%	69.0	%
Return of capital	96.7	%	56.3	%	26.4	%
Capital gains	—	%	18.8	%	4.6	%
	100.0	%	100.0	%	100.0	%
Preferred Shares
Ordinary income	100.0	%	57.0	%	93.7	%
Capital gains	—	%	43.0	%	6.3	%
	100.0	%	100.0	%	100.0	%