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Earnings Per Share
 6 Months Ended
Jun. 30, 2012
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share
Earnings per common share – basic is computed using net income attributable to common shareholders and the weighted average number of shares outstanding. Earnings per common share – diluted include the effect of potentially dilutive securities. Income from continuing operations attributable to common shareholders includes gain on sale of property in accordance with Securities and Exchange Commission guidelines. Earnings per common share – basic and diluted components for the periods indicated are as follows (in thousands):
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2012
 
2011
 
2012
 
2011
Numerator:
 
 
 
 
 
 
 
Continuing Operations:
 
 
 
 
 
 
 
(Loss) income from continuing operations
$
(2,646
)
 
$
(4,849
)
 
$
13,302

 
$
6,052

Gain on sale of property
84

 
136

 
524

 
1,196

Net income attributable to noncontrolling interests
(1,342
)
 
(1,236
)
 
(2,783
)
 
(2,328
)
Preferred share dividends
(8,869
)
 
(8,869
)
 
(17,738
)
 
(17,738
)
Loss from continuing operations attributable to common
shareholders – basic and diluted
$
(12,773
)
 
$
(14,818
)

$
(6,695
)

$
(12,818
)
Discontinued Operations:
 
 
 
 
 
 
 
Income from discontinued operations attributable to common
shareholders – basic and diluted
$
35,323

 
$
7,652

 
$
41,573

 
$
12,879

Denominator:
 
 
 
 
 
 
 
Weighted average shares outstanding – basic
120,661

 
120,345

 
120,571

 
120,244

Effect of dilutive securities:
 
 
 
 
 
 
 
Share options and awards
1,034

 
—

 
991

 
967

Weighted average shares outstanding – diluted
121,695

 
120,345

 
121,562

 
121,211


Anti-dilutive securities, which are excluded from the calculation of net income per common share – diluted, are as follows (in thousands):

 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2012
 
2011
 
2012
 
2011
Share options (1)
2,362

 
2,383

 
2,362

 
2,384

Operating partnership units
1,582

 
1,628

 
1,583

 
1,636

Share options and awards
—

 
980

 
—

 
—

Total anti-dilutive securities
3,944

 
4,991

 
3,945

 
4,020

_______________
(1)
Exclusion results as exercise prices were greater than the average market price for each respective period.