Earnings Per Common Share

6 Months Ended

Jun. 30, 2012

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 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 six months ended June 30, 2012 and 2011 (amounts in thousands, except per share data):

	Three Months Ended June  30,				Six Months Ended June  30,
	2012		2011		2012		2011
Numerators:
Net Income Available for Common Shares – Fully Diluted:
Net income available for Common Shares – basic	$	2,064	$	6,827	$	14,496	$	25,787
Amounts allocated to dilutive securities		197		789		1,388		3,410
Net income available for Common Shares – fully diluted	$	2,261	$	7,616	$	15,884	$	29,197
Denominator:
Weighted average Common Shares outstanding – basic		41,131		32,629		41,110		31,817
Effect of dilutive securities:
Redemption of Common OP Units for Common Shares		3,956		4,312		3,968		4,324
Employee stock options and restricted shares		303		321		309		300
Weighted average Common Shares outstanding – fully diluted		45,390		37,262		45,387		36,441
Earnings per Common Share – Basic:
Net income available for Common Shares	$	0.05	$	0.21	$	0.35	$	0.81
Earnings per Common Share – Fully Diluted:
Net income available for Common Shares	$	0.05	$	0.20	$	0.35	$	0.80