Earnings Per Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

We have outstanding stock options and unvested restricted shares, and our Operating Partnership has Common OP Units, and convertible Preferred OP Units and Aspen Preferred OP Units, which if converted or exercised, may impact dilution.  Although our unvested restricted shares qualify as participating securities, we do not include them in the computation of basic earnings (loss) per share under the two-class method in periods we report net losses, as the result would be anti-dilutive.

Computations of basic and diluted earnings per share from continuing operations were as follows (in thousands, except per share data):

	Three Months Ended March 31,
Numerator	2012		2011
Basic earnings: net income attributable to common stockholders	$	5,377	$	2,400
Add: amounts attributable to noncontrolling interest	—		185
Diluted earnings: net income available to common stockholders and unitholders	$	5,377	$	2,585
Denominator
Weighted average common shares outstanding	25,310		20,661
Weighted average unvested restricted stock outstanding	277		147
Basic weighted average common shares and unvested restricted stock outstanding	25,587		20,808
Add: dilutive securities	18		2,094
Diluted weighted average common shares and securities	25,605		22,902
Earnings per share available to common stockholders:
Basic	$	0.21	$	0.12
Diluted	$	0.21	$	0.11

We excluded certain securities from the computation of diluted earnings per share because the inclusion of these securities would have been anti-dilutive for the periods presented.  The following table presents the number of outstanding potentially dilutive securities that were excluded from the computation of diluted earnings per share for the three months ended March 31,2012 and 2011 (amounts in thousands):

	Three Months Ended March 31,
	2012	2011
Stock options	64	52
Common OP units	2,072	—
Preferred OP units	1,111	—
Aspen Preferred OP units	526	526
Total securities	3,773	578

The figures above represent the total number of potentially dilutive securities, and do not reflect the incremental impact to the number of diluted weighted average shares outstanding that would be computed if the impact to us had been dilutive to the calculation of earnings per share available to common stockholders.