Earnings per Share and Unit

Parent Company Earnings per Share

The following summarizes the calculation of basic and diluted earnings per share for the periods ended June 30, 2012 and 2011, respectively (in thousands except per share data):



		Three months ended June 30,			Six months ended June 30,
		2012	2011		2012		2011
Numerator:
Income from continuing operations	$	8,938	17,316	$	28,986		24,042
Discontinued operations		2,410	1,621		9,097		3,025
Net income		11,348	18,937		38,083		27,067
Less: Preferred stock dividends		5,396	4,919		19,333		9,838
Less: Noncontrolling interests		255	1,157		(128	)	2,183
Net income attributable to common stockholders		5,697	12,861		18,878		15,046
Less: Dividends paid on unvested restricted stock		206	218		411		437
Net income attributable to common stockholders - basic		5,491	12,643		18,467		14,609
Add: Dividends paid on Treasury Method restricted stock		23	20		35		34
Net income for common stockholders - diluted	$	5,514	12,663	$	18,502		14,643
Denominator:
Weighted average common shares outstanding for basic EPS		89,489	89,074		89,462		86,090
Incremental shares to be issued under unvested restricted stock		51	44		37		36
Incremental shares under Forward Equity Offering		—	—		—		848
Weighted average common shares outstanding for diluted EPS		89,540	89,118		89,499		86,974
Income per common share – basic
Continuing operations	$	0.03	0.12	$	0.11		0.13
Discontinued operations		0.03	0.02		0.10		0.04
Net income attributable to common stockholders	$	0.06	0.14	$	0.21		0.17
Income per common share – diluted
Continuing operations	$	0.03	0.12	$	0.11		0.13
Discontinued operations		0.03	0.02		0.10		0.04
Net income attributable to common stockholders	$	0.06	0.14	$	0.21		0.17

Income (Loss) allocated to noncontrolling interests of the Operating Partnership has been excluded from the numerator and Exchangeable Operating Partnership units have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would have no impact. Weighted average Exchangeable Operating Partnership units outstanding for the three and six months ended June 30, 2012 and 2011 were 177,164.

Operating Partnership Earnings per Unit

The following summarizes the calculation of basic and diluted earnings per unit for the periods ended June 30, 2012 and 2011, respectively (in thousands except per unit data):



		Three months ended June 30,			Six months ended June 30,
		2012	2011		2012	2011
Numerator:
Income from continuing operations	$	8,938	17,316	$	28,986	24,042
Discontinued operations		2,410	1,621		9,097	3,025
Net income		11,348	18,937		38,083	27,067
Less: Preferred unit distributions		5,396	5,850		18,704	11,700
Less: Noncontrolling interests		232	189		424	271
Net income attributable to common unit holders		5,720	12,898		18,955	15,096
Less: Dividends paid on unvested restricted units		206	218		411	437
Net income attributable to common unit holders - basic		5,514	12,680		18,544	14,659
Add: Dividends paid on Treasury Method restricted units		23	20		35	34
Net income for common unit holders - diluted	$	5,537	12,700	$	18,579	14,693
Denominator:
Weighted average common units outstanding for basic EPU		89,666	89,251		89,639	86,267
Incremental units to be issued under unvested restricted stock		51	44		37	36
Incremental units under Forward Equity Offering		—	—		—	848
Weighted average common units outstanding for diluted EPU		89,717	89,295		89,676	87,151
Income per common unit – basic
Continuing operations	$	0.03	0.12	$	0.11	0.13
Discontinued operations		0.03	0.02		0.10	0.04
Net income attributable to common unit holders	$	0.06	0.14	$	0.21	0.17
Income per common unit – diluted
Continuing operations	$	0.03	0.12	$	0.11	0.13
Discontinued operations		0.03	0.02		0.10	0.04
Net income attributable to common unit holders	$	0.06	0.14	$	0.21	0.17