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EARNINGS PER COMMON SHARE
 6 Months Ended
Jun. 30, 2014
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 June 30, 2014, the Company has unvested LTIP Units (Note 12) 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 12). The effect of the assumed conversion of 188 Series A Preferred OP Units into 25,067 Common Shares would be dilutive and therefore are included in the computation of diluted earnings per share for the six months ended June 30, 2014. Conversely, the assumed conversion of these would be anti-dilutive and are therefore not included in the computation of diluted earnings per share for the three months ended June 30, 2014 and the three months and six months ended June 30, 2013.

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 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.

The following table sets forth the computation of basic and diluted earnings per share from continuing operations for the periods indicated:

2.    EARNINGS PER COMMON SHARE (continued)
 
Three Months Ended
Six Months Ended
 
June 30,
June 30,
(dollars in thousands, except per share amounts)
2014
 
2013
2014
 
2013
Numerator
 
 
 
 
 
 
Income from continuing operations
$
11,365

 
$
7,967

$
32,960

 
$
17,558

Less: net income attributable to participating securities
(197
)
 
(140
)
(585
)
 
(311
)
Income from continuing operations, net of income attributable to participating securities
11,168

 
7,827

32,375

 
17,247

 
 
 
 
 
 
 
Denominator
 

 
 

 
 
 
Weighted average shares for basic earnings per share
58,013

 
55,171

56,989

 
54,309

Effect of dilutive securities:
 

 
 



 
 

Employee Restricted Share Units and share options
19

 
37

28

 
48

 Convertible Preferred OP Units
—

 
—

25

 
—

Denominator for diluted earnings per share
58,032

 
55,208

57,042

 
54,357

 
 
 
 
 
 
 
Basic earnings per Common Share from continuing operations attributable to Common Shareholders
$
0.19

 
$
0.14

$
0.57

 
$
0.32

Diluted earnings per Common Share from continuing operations attributable to Common Shareholders
$
0.19

 
$
0.14

$
0.57

 
$
0.32