Earnings Per Common Share

12 Months Ended

Dec. 31, 2012

Earnings Per Share [Text Block]

Earnings Per Common Share

Earnings per common share are based on the weighted average number of common shares outstanding during each year. Codification Topic “Earnings Per Share” (“FASB ASC 260”) defines the calculation of basic and fully diluted earnings per share. Basic and fully diluted earnings per share are based on the weighted average shares outstanding during each year and basic earnings per share exclude any dilutive effects of options, unvested restricted shares and convertible securities. The conversion of OP Units has been excluded from the basic earnings per share calculation. The conversion of an OP Unit for a share of common stock has no material effect on earnings per common share on a fully diluted basis.

The following table sets forth the computation of basic and diluted earnings per common share for the years ended December 31, 2012, 2011 and 2010 (amounts in thousands):

	Years Ended December 31,
	2012		2011		2010
Numerators:
Net Income Available for Common Shares—Fully Diluted:
Net income available for Common Shares—basic	$	54,778	$	22,775	$	38,354
Amounts allocated to dilutive securities	5,067		3,571		5,903
Net income available for Common Shares—fully diluted	$	59,845	$	26,346	$	44,257
Denominator:
Weighted average Common Shares outstanding—basic	41,174		35,591		30,517
Effect of dilutive securities:
Redemption of Common OP Units for Common Shares	3,938		4,260		4,730
Redemption of Series B Preferred Stock	—		153		—
Employee stock options and restricted shares	319		326		271
Weighted average Common Shares outstanding—fully diluted	45,431		40,330		35,518
Earnings per Common Share—Basic:
Net income available for Common Shares	$	1.33	$	0.64	$	1.26
Earnings per Common Share—Fully Diluted:
Net income available for Common Shares	$	1.32	$	0.64	$	1.25