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Earnings Per Common Share
 9 Months Ended
Sep. 30, 2014
Earnings Per Share
Earnings Per Common Share
Earnings per common share are based on the weighted average number of common shares outstanding during each period. 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 period 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 the basic and diluted earnings per common share for the quarters and nine months ended September 30, 2014 and 2013 (amounts in thousands, except per share data):
 
Quarters Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2014
 
2013
 
2014
 
2013
Numerators:
 
 
 
 
 
 
 
Income (loss) from Continuing Operations:
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
30,276

 
$
(6,632
)
 
$
104,206

 
$
48,430

Amounts allocated to dilutive securities
(2,219
)
 
755

 
(7,929
)
 
(3,385
)
Preferred Stock distributions
(2,311
)
 
(2,311
)
 
(6,949
)
 
(6,951
)
Income (loss) from continuing operations available to Common Shares – basic
25,746

 
(8,188
)
 
89,328

 
38,094

Amounts allocated to dilutive securities
2,219

 
(755
)
 
7,929

 
3,385

Income (loss) from continuing operations available to Common Shares – fully diluted
$
27,965

 
$
(8,943
)
 
$
97,257

 
$
41,479

Income from Discontinued Operations:
 
 
 
 
 
 
 
Income from discontinued operations, net of amounts allocated to dilutive securities
$
—

 
$
38,060

 
$
—

 
$
44,661

Net Income Available for Common Shares:
 
 
 
 
 
 
 
Net income available for Common Shares – basic
$
25,746

 
$
29,872

 
$
89,328

 
$
82,755

Amounts allocated to dilutive securities
2,219

 
2,753

 
7,929

 
7,483

Net income available for Common Shares – fully diluted
$
27,965

 
$
32,625

 
$
97,257

 
$
90,238

Denominator:
 
 
 
 
 
 
 
Weighted average Common Shares outstanding – basic
83,531

 
83,021

 
83,295

 
83,023

Effect of dilutive securities:
 
 
 
 
 
 
 
Exchange of Common OP Units for Common Shares
7,254

 
7,604

 
7,471

 
7,506

Stock options and restricted shares
743

 
634

 
705

 
620

Weighted average Common Shares outstanding – fully diluted
91,528

 
91,259

 
91,471

 
91,149

 
 
 
 
 
 
 
 
Earnings per Common Share – Basic:
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
0.31

 
$
(0.10
)
 
$
1.07

 
$
0.46

Income from discontinued operations
—

 
0.46

 
—

 
0.54

Net income available for Common Shares
$
0.31

 
$
0.36

 
$
1.07

 
$
1.00

 
 
 
 
 
 
 
 
Earnings per Common Share – Fully Diluted:
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
0.31

 
$
(0.10
)
 
$
1.06

 
$
0.46

Income from discontinued operations
—

 
0.46

 
—

 
0.53

Net income available for Common Shares
$
0.31

 
$
0.36

 
$
1.06

 
$
0.99