Net Income Per Common Share

3 Months Ended

Mar. 31, 2013

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. Because the Company's 8.50% Series A Cumulative Redeemable Preferred Stock (the "Series A Preferred Stock") 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 three months ended March 31, 2013. 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:

	Three Months Ended
	March 31,
	2013					2012
	Income			Weighted-Average Common Shares		Income		Weighted- Average Common Shares
Net income	$	19,603				$	16,476
Preferred stock dividends	(1,222		)			—
Net income to common shareholders	$	18,381		54,300,020		$	16,476	49,480,426
Effect of dilutive stock options	—			754		—		469
Diluted	$	18,381		54,300,774		$	16,476	49,480,895
Net income per common share:
Basic				$	0.34			$	0.33
Diluted (1)				$	0.34			$	0.33

(1) For the three months ended March 31, 2012, 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.