Earnings Per Common Share

6 Months Ended

Jun. 30, 2011

Earnings Per Common Share

Note 2 – 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, warrants and convertible securities. The conversion of OP Units has been excluded from the basic earnings per share calculation. The conversion of an OP Unit to 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 three and six months ended June 30, 2011 and 2010 (amounts in thousands):

	Three Months Ended June 30,					Six Months Ended June 30,
	2011		2010			2011		2010
Numerators:
Income from Continuing Operations:
Income from continuing operations – basic	$	6,827	$	6,047		$	25,787	$	21,263
Amounts allocated to dilutive securities		789		935			3,410		3,392
Income from continuing operations – fully diluted	$	7,616	$	6,982		$	29,197	$	24,655
Income from Discontinued Operations:
Loss from discontinued operations – basic	$	—	$	(47	)	$	—	$	(199	)
Amounts allocated to dilutive securities		—		(7	)		—		(32	)
Loss from discontinued operations – fully diluted	$	—	$	(54	)	$	—	$	(231	)
Net Income Available for Common Shares – Fully Diluted:
Net income available for Common Shares – basic	$	6,827	$	6,000		$	25,787	$	21,064
Amounts allocated to dilutive securities		789		928			3,410		3,360
Net income available for Common Shares – fully diluted	$	7,616	$	6,928		$	29,197	$	24,424
Denominator:
Weighted average Common Shares outstanding – basic		32,629		30,412			31,817		30,358
Effect of dilutive securities:
Redemption of Common OP Units for Common Shares		4,312		4,829			4,324		4,871
Employee stock options and restricted shares		321		265			300		242
Weighted average Common Shares outstanding – fully diluted		37,262		35,506			36,441		35,471
Earnings per Common Share – Basic:
Income from continuing operations	$	0.21	$	0.20		$	0.81	$	0.70
Loss from discontinued operations		—		—			—		(0.01	)
Net income available for Common Shares	$	0.21	$	0.20		$	0.81	$	0.69
Earnings per Common Share – Fully Diluted:
Income from continuing operations	$	0.20	$	0.20		$	0.80	$	0.70
Loss from discontinued operations		—		—			—		(0.01	)
Net income available for Common Shares	$	0.20	$	0.20		$	0.80	$	0.69