Earnings Per Common Share

9 Months Ended

Sep. 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 and the redemption of any Series B Preferred Stock have been excluded from the basic earnings per share calculation. The conversion of an OP Unit or the redemption of a share of Series B Preferred Stock 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 three and nine months ended September 30, 2011 and 2010 (amounts in thousands):

	Three Months Ended September 30,					Nine Months Ended September 30,
	2011			2010		2011		2010
Numerators:
Income from Continuing Operations:
Income from continuing operations – basic	$	1,355		$	17,307	$	38,641	$	49,801
Amounts allocated to dilutive securities		177			1,722		3,587		5,115
Income from continuing operations – fully diluted	$	1,532		$	19,029	$	42,228	$	54,916
Income from Discontinued Operations:
Loss from discontinued operations – basic	$	—		$	—	$	—	$	(199	)
Amounts allocated to dilutive securities		—			—		—		(32	)
Loss from discontinued operations – fully diluted	$	—		$	—	$	—	$	(231	)
Net Income Available for Common Shares – Fully Diluted:
Net (loss) income available for Common Shares – basic	$	(2,853	)	$	11,554	$	22,934	$	32,617
Amounts allocated to dilutive securities		177			1,722		3,587		5,083
Net (loss) income available for Common Shares – fully diluted	$	(2,676	)	$	13,276	$	26,521	$	37,700
Denominator:
Weighted average Common Shares outstanding – basic		38,346			30,620		34,017		30,447
Effect of dilutive securities:
Redemption of Common OP Units for Common Shares		4,286			4,640		4,311		4,792
Redemption of Series B Preferred Stock		598			—		202		—
Employee stock options and restricted shares		372			270		328		252
Weighted average Common Shares outstanding – fully diluted		43,602			35,530		38,858		35,491
Earnings per Common Share – Basic:
(Loss) income from continuing operations available for Common Shares	$	(0.07	)	$	0.38	$	0.67	$	1.08
Loss from discontinued operations		—			—		—		(0.01	)
Net (loss) income available for Common Shares	$	(0.07	)	$	0.38	$	0.67	$	1.07
Earnings per Common Share – Fully Diluted:
(Loss) income from continuing operations available for Common Shares	$	(0.07	)	$	0.37	$	0.67	$	1.07
Loss from discontinued operations		—			—		—		(0.01	)
Net (loss) income available for Common Shares(a)	$	(0.07	)	$	0.37	$	0.67	$	1.06

a) During the three months ended September 30, 2011, the Company reported a net loss available to common shares. As a result of the net loss, the Company’s unvested restricted stock, common OP Units and Series B Preferred Stock were anti-dilutive, and therefore earnings per common share-fully diluted is computed in the same manner as earnings per common share-basic.