Earnings Per Share

3 Months Ended

Mar. 31, 2013

Earnings Per Share [Abstract]

Earnings Per Share

Equity and Earnings Per Share

Basic earnings per share (“EPS”) is computed by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS assumes the issuance of common stock for all potential dilutive common shares outstanding. The limited partners’ rights to convert their noncontrolling interests in the Operating Partnership into shares of common stock are not dilutive.

The following summarizes the impact of potential dilutive common shares on the denominator used to compute EPS:

	Three Months Ended March 31,
	2013	2012
Denominator – basic	161,540	148,495
Deemed shares related to deferred compensation arrangements	—	43
Denominator – diluted	161,540	148,538

The dilutive effect of stock options of seven shares for the three months ended March 31, 2012 was excluded from the computation of diluted EPS because the effect of including the stock options would have been anti-dilutive. There were no outstanding stock options in 2013.

At-The-Market Equity Program

On March 1, 2013, the Company entered into separate controlled equity offering sales agreements (collectively, the "Sales Agreements") with a number of sales agents to sell shares of the Company's common stock, having an aggregate offering price of up to $300,000, from time to time in "at-the-market" equity offerings (as defined in Rule 415 of the Securities Act of 1933, as amended) or in negotiated transactions (the "ATM program"). In accordance with the Sales Agreements, the Company will set the parameters for the sales of shares, including the number of shares to be issued, the time period during which sales are to be made and any minimum price below which sales may not be made. The Sales Agreements provide that the sales agents will be entitled to compensation for their services at a mutually agreed commission rate not to exceed 2.0% of the gross proceeds from the sales of shares sold through the ATM program. During the three months ended March 31, 2013, the Company sold 2,668,438 shares of common stock through the ATM program at a weighted-average price of $23.58 per share generating gross proceeds of $62,933 and net proceeds of $62,146, after sales agents' commissions, with 1,899,105 of such shares, representing gross proceeds of $44,459 and net proceeds of $43,904, being issued in transactions that settled on or prior to the March 31, 2013 balance sheet date and the remainder settling in April 2013. Subsequent to March 31, 2013, and prior to the filing of this report, the Company sold an additional 394,000 shares of common stock at a weighted-average price of $23.59 per share through the ATM program for gross proceeds of $9,293 and net proceeds of $9,177, after sales agents' commissions. The proceeds from these sales were used to reduce the balances on our unsecured lines of credit. Since the commencement of the ATM program, the Company has issued 3,062,438 shares of common stock and approximately $227,774 remains available to be sold under this program. Actual future sales will depend on a variety of factors including but not limited to market conditions, the trading price of the Company's common stock and the Company's capital needs. The Company has no obligation to sell the remaining shares available under the ATM program.