EARNINGS PER COMMON SHARE

12 Months Ended

Dec. 31, 2013

Earnings Per Share [Abstract]

Earnings Per Common Share

Earnings Per Common Share

Basic earnings per Common Share is computed by dividing net income attributable to Common Shareholders by the weighted average Common Shares outstanding. At December 31, 2013, the Company has unvested LTIP Units (Note 15) which provide for non-forfeitable rights to dividend equivalent payments. Accordingly, these unvested LTIP Units are considered participating securities and are included in the computation of basic earnings per Common Share pursuant to the two-class method.

Diluted earnings per Common Share reflects the potential dilution of the conversion of obligations and the assumed exercises of securities including the effects of restricted share unit ("Restricted Share Units") and share option awards issued under the Company’s Share Incentive Plans (Note 15). The effect of the assumed conversion of 188 Series A Preferred OP Units into 25,067 Common Shares would be anti-dilutive and therefore not included in the computation of diluted earnings per share for the years ended December 2013, 2012 and 2011.

The effect of the conversion of Common OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Common Shares on a one-for-one basis. The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share. The conversion of the convertible notes payable (Note 9) is not included in the computation of basic and diluted earnings per share as such conversion, based on the current market price of the Common Shares, would be settled with cash.

	Years ended December 31,
(dollars in thousands, except per share amounts)	2013		2012		2011
Numerator:
Income from continuing operations	$	34,026	$	23,619	$	18,611
Less: net income attributable to participating securities	581		458		381
Income from continuing operations net of income	33,445		23,161		18,230
attributable to participating securities
Denominator:
Weighted average shares for basic earnings per share	54,919		45,854		40,697
Effect of dilutive securities:
Employee share options	38		40		18
Denominator for diluted earnings per share	54,957		45,894		40,715
Basic earnings per Common Share from continuing operations attributable to Common Shareholders	$	0.61	$	0.51	$	0.45
Diluted earnings per Common Share from continuing operations attributable to Common Shareholders	$	0.61	$	0.51	$	0.45