Net Income Per Common Share

12 Months Ended

Dec. 31, 2012

Earnings Per Share, Basic and Diluted [Abstract]

Net Income per Common Share

NET INCOME PER COMMON SHARE

Net income per common share is presented on both a basic and diluted basis.  Diluted net income per common share assumes the exercise of stock options using the treasury stock method for all periods presented, and for the year ended December 31, 2010, the conversion of the Company’s formerly outstanding Series D 9.50% Cumulative Convertible Preferred Stock (the "Series D Preferred Stock") into common stock using the two-class method. Because the Company's 8.50% Series A Cumulative Redeemable Preferred Stock (the "Series A Preferred Stock") issued during the third quarter of 2012 is redeemable at the Company's option for cash only, and the Series A Preferred Stock can convert into shares of common stock only upon a change of control of the Company, the effect of those shares is excluded from the calculation of diluted net income per common share for the year ended December 31, 2012. Holders of unvested shares of our issued and outstanding restricted common stock are eligible to receive non-forfeitable dividends. As such, these unvested shares are considered participating securities as per ASC 260-10 and therefore are included in the computation of basic earnings per share ("EPS") using the two-class method.

The following table presents the calculation of the numerator and denominator for both basic and diluted net income per common share:

	For the Year Ended
	December 31,
	2012					2011				2010
	Income			Weighted-Average Common Shares		Income		Weighted- Average Common Shares		Income			Weighted- Average Common Shares
Net income	$	74,042				$	39,812			$	29,472
Preferred stock dividends	(2,036		)			—				(3,061		)
Net income to common shareholders	$	72,006		53,146,416		$	39,812	38,579,780		$	26,411		17,595,022
Effect of dilutive securities	—			—		—		799		3,061			3,324,014
Diluted	$	72,006		53,146,416		$	39,812	38,580,579		$	29,472		20,919,036
Net income per common share:
Basic				$	1.35			$	1.03				$	1.50
Diluted (1)				$	1.35			$	1.03				$	1.41
Components of dilutive items:
Series D Preferred Stock	$	—		—		$	—	—		$	3,061		3,319,395
Stock options	—			—		—		799		—			4,619
	$	—		—		$	—	799		$	3,061		3,324,014

(1) For the years ended December 31, 2012, December 31, 2011 and December 31, 2010, the calculation of diluted net income per common shareexcludes the effect of 15,000 unexercised stock option awards because their inclusion would have been anti-dilutive.