Stockholders' Equity

6 Months Ended

Jun. 30, 2011

Stockholders' Equity [Abstract]

Stockholders' Equity

Note 7. Stockholders’ Equity

     The following table provides a reconciliation of total equity:

						Accumulated
			Additional			Other			Cumulative						Total			Non
(Dollars in thousands,	Common		Paid-In			Comprehensive			Net			Cumulative			Stockholders’			controlling			Total
except per share data)	Stock		Capital			Loss			Income			Dividends			Equity			Interests			Equity
Balance at Dec. 31, 2010	$	661	$	1,641,379		$	(5,269	)	$	796,165		$	(1,593,926	)	$	839,010		$	3,730		$	842,740
Issuance of common stock		103		223,981			—			—			—			224,084			—			224,084
Common stock redemption		—		(51	)		—			—			—			(51	)		—			(51	)
Stock-based compensation		1		1,601			—			—			—			1,602			—			1,602
Net income (loss)		—		—			—			(3,778	)		—			(3,778	)		27			(3,751	)
Other comprehensive loss		—		—			—			—			—			—			—			—
Comprehensive loss																						(3,751	)
Dividends to common stockholders ($0.60 per share)		—		—			—			—			(42,570	)		(42,570	)		—			(42,570	)
Distributions to noncontrolling interests		—		—			—			—			—			—			(247	)		(247	)
Proceeds from noncontrolling interests		—		—			—			—			—			—			76			76
Purchase of noncontrolling interest in consolidated joint ventures		—		(1,469	)		—			—			—			(1,469	)		(3,586	)		(5,055	)
Balance at June 30, 2011	$	765	$	1,865,441		$	(5,269	)	$	792,387		$	(1,636,496	)	$	1,016,828		$	—		$	1,016,828

Common Stock

     The following table provides a reconciliation of the beginning and ending common stock outstanding for the six months ended June 30, 2011 and the year ended December 31, 2010:

	Six Months Ended		Year Ended
	June 30,		December 31,
	2011		2010
Balance, beginning of period		66,071,424		60,614,931
Issuance of common stock		10,303,351		5,287,098
Restricted stock-based awards, net of forfeitures		93,075		169,395
Balance, end of period		76,467,850		66,071,424

At-The-Market Equity Offering Program

     Since December 2008, the Company has had in place an at-the-market equity offering program to sell shares of its common stock from time to time in at-the-market sales transactions. During the six months ended June 30, 2011, the Company sold 10,287,800 shares of common stock under this program at prices ranging from $20.27 per share to $23.63 per share, generating approximately $223.9 million in net proceeds.

     Between June 30, 2011 and August 8, 2011, the Company sold 1,360,900 shares of common stock, generating approximately $27.7 million in net proceeds, resulting in 2,791,300 authorized shares remaining to be sold under the program.

Common Stock Dividends

     During the first six months of 2011, the Company declared and paid common stock dividends aggregating $0.60 per share.

     On August 2, 2011, the Company declared a quarterly common stock dividend in the amount of $0.30 per share payable on September 1, 2011 to stockholders of record on August 18, 2011.

Earnings (Loss) Per Common Share

     The table below sets forth the computation of basic and diluted earnings (loss) per common share for the three and six months ended June 30, 2011 and 2010.

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(Dollars in thousands, except per share data)	2011			2010			2011			2010
Weighted average Common Shares outstanding
Weighted average Common Shares outstanding		73,476,473			62,648,117			70,550,070			61,961,051
Unvested restricted stock		(1,441,319	)		(1,307,378	)		(1,440,527	)		(1,306,144	)
Weighted average Common Shares Outstanding — Basic		72,035,154			61,340,739			69,109,543			60,654,907
Weighted average Common Shares — Basic		72,035,154			61,340,739			69,109,543			60,654,907
Dilutive effect of restricted stock		1,045,698			975,990			—			958,973
Dilutive effect of employee stock purchase plan		68,380			65,680			—			76,442
Weighted average Common Shares Outstanding — Diluted		73,149,232			62,382,409			69,109,543			61,690,322
Net income (loss)
Income (loss) from continuing operations	$	1,513		$	4,259		$	(4,628	)	$	4,671
Noncontrolling interests’ share in net income		—			(40	)		(27	)		(105	)
Income (loss) from continuing operations attributable to common shareholders		1,513			4,219			(4,655	)		4,566
Discontinued operations		498			2,255			877			6,502
Net income (loss) attributable to common stockholders	$	2,011		$	6,474		$	(3,778	)	$	11,068
Basic Earnings (Loss) Per Common Share
Income (loss) from continuing operations	$	0.02		$	0.07		$	(0.07	)	$	0.08
Discontinued operations		0.01			0.04			0.02			0.10
Net income (loss) attributable to common stockholders	$	0.03		$	0.11		$	(0.05	)	$	0.18
Diluted Earnings (Loss) Per Common Share
Income from continuing operations	$	0.02		$	0.07		$	(0.07	)	$	0.08
Discontinued operations		0.01			0.03			0.02			0.10
Net income (loss) attributable to common stockholders	$	0.03		$	0.10		$	(0.05	)	$	0.18

     The dilutive effect of restricted stock totaling 1,034,520 shares and options under the Employee Stock Purchase Plan to purchase the Company’s stock totaling 81,935 shares were excluded from the calculation of diluted loss per common share for the six months ended June 30, 2011 because the effect was anti-dilutive due to the net loss from continuing operations incurred during the period.

Incentive Plans

     The Company has various stock-based incentive plans for its employees and directors. Awards under these plans include restricted stock issued to employees and the Company’s directors and options granted to employees pursuant to its Employee Stock Purchase Plan. In May 2011, an annual restricted stock grant was made to each non-employee director equal to a market value of approximately $76,000.

     A summary of the activity under the incentive plans for the three and six months ended June 30, 2011 and 2010 is included in the table below.

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Stock-based awards, beginning of period		1,436,811			1,299,148			1,379,243			1,224,779
Granted		27,400			30,889			106,569			107,620
Vested		(16,000	)		(18,586	)		(26,675	)		(20,948	)
Forfeited		—			—			(10,926	)		—
Stock-based awards, end of period		1,448,211			1,311,451			1,448,211			1,311,451

     Under the Company’s Employee Stock Purchase Plan, in January of each year each eligible employee is granted an option to purchase up to $25,000 of Common Stock at the lesser of 85% of the market price on the date of grant or 85% of the market price on the date of exercise of such option. The number of shares subject to each year’s option becomes fixed on the date of grant. Options granted under the Employee Stock Purchase Plan expire if not exercised within 27 months after each such option’s date of grant. The Company recorded approximately $0.2 million to general and administrative expenses during the first quarter of 2011 relating to the annual grant of options to its employees under the Employee Stock Purchase Plan. On April 1, 2011, options to purchase 166,207 shares of Common Stock expired that had not been exercised.

     A summary of the activity under the Employee Stock Purchase Plan for the six months ended June 30, 2011 and 2010 is included in the table below.

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Outstanding and exercisable, beginning of period		626,480			576,660			392,517			335,608
Granted		—			—			261,960			256,080
Exercised		(2,654	)		(2,074	)		(7,245	)		(5,442	)
Forfeited		(9,376	)		(7,819	)		(32,782	)		(19,479	)
Expired		(166,207	)		(136,536	)		(166,207	)		(136,536	)
Outstanding and exercisable, end of period		448,243			430,231			448,243			430,231