Earnings per Share and Unit

Parent Company Earnings per Share

The following summarizes the calculation of basic and diluted earnings per share for the years ended December 31, 2012, 2011, and 2010, respectively (in thousands except per share data):



		2012		2011	2010
Numerator:
Income from continuing operations	$	505		45,344	3,106
Income from discontinued operations		23,546		8,040	8,902
Gain on sale of real estate		2,158		2,404	993
Net income		26,209		55,788	13,001
Less: preferred stock dividends		32,531		19,675	19,675
Less: income attributable to noncontrolling interests		342		4,418	4,185
Net (loss) income attributable to common stockholders		(6,664	)	31,695	(10,859	)
Less: dividends paid on unvested restricted stock		572		615	542
Net income attributable to common stockholders - basic		(7,236	)	31,080	(11,401	)
Add: dividends paid on Treasury Method restricted stock		—		18	—
Net (loss) income for common stockholders - diluted	$	(7,236	)	31,098	(11,401	)
Denominator:
Weighted average common shares outstanding for basic EPS		89,630		87,825	81,068
Incremental shares to be issued under unvested restricted stock		39		—	—
Incremental shares under Forward Equity Offering		—		424	1,534
Weighted average common shares outstanding for diluted EPS		89,669		88,249	82,602
(Loss) income per common share – basic
Continuing operations	$	(0.34	)	0.26	(0.25	)
Discontinued operations		0.26		0.09	0.11
Net (loss) income attributable to common stockholders	$	(0.08	)	0.35	(0.14	)
(Loss) income per common share – diluted
Continuing operations	$	(0.34	)	0.26	(0.25	)
Discontinued operations		0.26		0.09	0.11
Net (loss) income attributable to common stockholders	$	(0.08	)	0.35	(0.14	)

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 years ended December 31, 2012, 2011, and 2010 were 177,164, 177,164, and 270,706, respectively.

Operating Partnership Earnings per Unit

The following summarizes the calculation of basic and diluted earnings per unit for the periods ended December 31, 2012, 2011, and 2010 respectively (in thousands except per unit data):



		2012		2011	2010
Numerator:
Income from continuing operations	$	505		45,344	3,106
Income from discontinued operations		23,546		8,040	8,902
Gain on sale of real estate		2,158		2,404	993
Net income		26,209		55,788	13,001
Less: preferred unit distributions		31,902		23,400	23,400
Less: income attributable to noncontrolling interests		865		590	376
Net (loss) income attributable to common unit holders		(6,558	)	31,798	(10,775	)
Less: dividends paid on unvested restricted stock		572		615	542
Net income attributable to common unit holders - basic		(7,130	)	31,183	(11,317	)
Add: dividends paid on Treasury Method restricted stock		—		18	—
Net income for common unit holders - diluted	$	(7,130	)	31,201	(11,317	)
Denominator:
Weighted average common units outstanding for basic EPU		89,808		88,002	81,339
Incremental shares to be issued under unvested restricted stock		39		—	—
Incremental units under Forward Equity Offering		—		424	1,534
Weighted average common units outstanding for diluted EPU		89,847		88,426	82,873
(Loss) income per common unit – basic
Continuing operations	$	(0.34	)	0.26	(0.25	)
Discontinued operations		0.26		0.09	0.11
Net (loss) income attributable to common unit holders	$	(0.08	)	0.35	(0.14	)
(Loss) income per common unit – diluted
Continuing operations	$	(0.34	)	0.26	(0.25	)
Discontinued operations		0.26		0.09	0.11
Net (loss) income attributable to common unit holders	$	(0.08	)	0.35	(0.14	)