EARNINGS PER COMMON SHARE

6 Months Ended

Jun. 30, 2011

Earnings Per Share [Text Block]

2. EARNINGS PER COMMON SHARE

Basic earnings per Common Share is computed using net income attributable to common shareholders and the weighted average Common Shares outstanding. Diluted earnings per Common Share reflect the conversion of obligations and the assumed exercises of securities including the effects of awards issuable under the Company’s Share Incentive Plans. The following table sets forth the computation of basic and diluted earnings per share from continuing operations for the periods indicated:

	Three months ended June 30,				Six months ended June 30,
(dollars in thousands, except per share amounts)	2011		2010		2011		2010
Numerator
Income from continuing operations attributable to Common Shareholders	$	1,805	$	12,377	$	10,125	$	17,327
Effect of dilutive securities:
Preferred OP Unit distributions		5		5		9		9
Numerator for diluted earnings per Common Share	$	1,810	$	12,382	$	10,134	$	17,336
Denominator
Weighted average shares for basic earnings per share		40,334		40,135		40,326		40,058
Effect of dilutive securities:
Employee share options		274		212		256		191
Convertible Preferred OP Units		25		25		25		25
Dilutive potential Common Shares		299		237		281		216
Denominator for diluted earnings per share		40,633		40,372		40,607		40,274
Basic earnings per Common Share from continuing operations attributable to Common Shareholders	$	0.04	$	0.31	$	0.25	$	0.43
Diluted earnings per Common Share from continuing operations attributable to Common Shareholders	$	0.04	$	0.31	$	0.25	$	0.43

The weighted average shares used in the computation of diluted earnings per share include unvested restricted Common Shares (“Restricted Shares”) and restricted OP units (“LTIP Units”) (Note 13) that are entitled to receive dividend equivalent payments. The effect of the conversion of Common OP Units is not reflected in the above table, 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 subsidiaries 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 reflected in the table above as such conversion, based on the current market price of the Common Shares, would be settled with cash.

The effect of the assumed conversion of 188 Series A Preferred OP Units into 25,067 Common Shares would be dilutive for the three and six months ended June 30, 2011 and 2010 and are accordingly included in the table above.