Stockholders' Equity

12 Months Ended

Dec. 31, 2011

Stockholders' Equity [Abstract]

Stockholders' Equity

10 STOCKHOLDERS' EQUITY

Common Stock

In 1997, the Company's Board of Directors approved a stock repurchase program under which the Company may repurchase shares of its outstanding common stock and UPREIT Units ("Company Program"). The shares and units may be repurchased through open market or privately negotiated transactions at the discretion of Company management. The Board's action did not establish a target price or a specific timetable for repurchase. At December 31, 2011 the Company had authorization to repurchase 2,291,160 shares of common stock and UPREIT Units under the Company Program. There were no repurchases in 2011, 2010 or 2009.

In addition, participants in the Company's stock benefit plans can use common stock of the Company that they already own to pay all or a portion of the exercise price payable to the Company upon the exercise of an option. In such event, the common stock used to pay the exercise price is returned to authorized but unissued status, and is deemed to have been repurchased by the Company, but does not represent repurchases under the Company Program.

At-The-Market Equity Offering Programs

On December 3, 2009, the Company initiated an "At-the-Market" ("ATM") equity offering program through which it was authorized to sell up to 3.7 million shares of common stock (not to exceed $150,000 of gross proceeds), from time to time in ATM offerings or negotiated transactions. The following are issuances of common stock of this program since inception through the completion of the program on May 11, 2010:

Period	Number of Shares Sold		Gross Proceeds		Net Proceeds		Average Sales Price
Fourth quarter 2009		871,600	$	39,830	$	38,916	$	45.70
First quarter 2010		1,285,700		60,092		58,856		46.74
Second quarter 2010		1,021,400		50,078		49,273		49.03
Total		3,178,700	$	150,000	$	147,045	$	47.19

On September 17, 2010, the Company initiated its second ATM equity offering program through which it is authorized to sell up to 3.6 million shares of common stock from time to time in ATM offerings or negotiated transactions. There were no shares issued from this program during 2010. The following summarizes issuances of common stock from this program since inception through December 31, 2011:

Period	Number of Shares Sold		Gross Proceeds		Net Proceeds		Average Sales Price
First quarter 2011		841,000	$	47,524	$	46,572	$	56.51
Second quarter 2011		1,485,707		90,102		88,299		60.65
Third quarter 2011		877,400		56,542		55,273		64.44
Total		3,204,107	$	194,168	$	190,144	$	60.60

The remaining shares available under this ATM program were 395,893 as of December 31, 2011.

Public Equity Offering

On September 20, 2011, the Company publicly offered 6,000,000 shares of its common stock at a price of $58.50 per share, for net proceeds of approximately $336,800 after underwriting discounts, commissions and offering expenses. All of the 6,000,000 shares offered were purchased and subsequently delivered on September 23, 2011.

Dividend Reinvestment Plan

The Company has a Dividend Reinvestment Plan (the "DRIP"). The DRIP provides the stockholders of the Company an opportunity to automatically invest their cash dividends in common stock. In addition, eligible participants may make monthly payments or other voluntary cash investments in shares of common stock. The maximum monthly investment without prior Company approval is currently $10. There is no discount offered on the investment. The Company can meet share demand under the DRIP through share repurchases by the transfer agent in the open market on the Company's behalf or new share issuance.

Dividends

Stockholders are taxed on dividends and must report such dividends as ordinary income, capital gains, or return of capital. The Company has declared a $2.48 distribution per common share (CUSIP 437306103) during its most recent fiscal year. Pursuant to Internal Revenue Code Section 857(b)(3)(C), for the year ended December 31, 2011, the Company designated the taxable composition of the following cash distributions to holders of common shares in the amounts set forth in the tables below:

							Distribution Type
Declaration Dates	Record Dates		Payable Dates		Distributions Per Share		Ordinary Taxable Dividend			Qualified Dividend			Return of Capital			Long- Term Capital Gain			Unrecaptured Sec. 1250 Gain
2/12/2011		2/28/2011		3/4/2011	$	0.62		62.8481	%		0.0000	%		37.1519	%		0.0000	%		0.0000	%
5/3/2011		5/17/2011		5/27/2011	$	0.62		62.8481	%		0.0000	%		37.1519	%		0.0000	%		0.0000	%
8/3/2011		8/16/2011		8/26/2011	$	0.62		62.8481	%		0.0000	%		37.1519	%		0.0000	%		0.0000	%
11/2/2011		11/14/2011		11/22/2011	$	0.62		62.8481	%		0.0000	%		37.1519	%		0.0000	%		0.0000	%
				Totals	$	2.48		62.8481	%		0.0000	%		37.1519	%		0.0000	%		0.0000	%

The taxable composition of cash distributions for each common share for 2010 and 2009 is as follows:

		Distribution Type
Year	Distributions Per Share		Ordinary Taxable Dividend			Qualified Dividend			Return of Capital			Long- Term Capital Gain			Unrecaptured Sec. 1250 Gain
2010	$2.32			53.73	%		0.00	%		46.27	%		0.00	%		0.00	%
2009	$2.68			39.44	%		0.00	%		44.02	%		2.75	%		13.79	%

Total Shares and Units Outstanding

At December 31, 2011, 48,321,305 common shares, and 10,739,773 UPREIT Units were outstanding for a total of 59,061,078 common share equivalents.

Earnings Per Share

Basic earnings per share ("EPS") is computed as net income attributable to common stockholders divided by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock-based compensation including stock options (using the treasury stock method) and the conversion of any Senior Notes (through December 21, 2011). The exchange of an UPREIT Unit for a share of common stock has no effect on diluted EPS as unitholders and stockholders effectively share equally in the net income of the Operating Partnership. Income from continuing operations and discontinued operations is the same for both the basic and diluted calculation.

The reconciliation of basic and diluted earnings per share for the years ended December 31, 2011, 2010 and 2009, is as follows:

	2011			2010			2009
Numerator:
Income from continuing operations	$	47,664		$	26,738		$	27,069
Less: Income from continuing operations attributable to noncontrolling interest		(9,808	)		(6,344	)		(7,312	)
Income from continuing operations attributable to common stockholders	$	37,856		$	20,394		$	19,757
Discontinued operations	$	—		$	(420	)	$	20,009
Less: Discontinued operations attributable to noncontrolling interest		—			107			(5,347	)
Discontinued operations attributable to common stockholders	$	—		$	(313	)	$	14,662
Denominator:
Basic weighted average number of common shares outstanding		41,860,139			36,682,191			33,040,839
Effect of dilutive stock options		595,708			419,380			100,519
Effect of restricted shares		89,235			68,315			30,758
Diluted weighted average number of common shares outstanding		42,545,082			37,169,886			33,172,116
Earnings per common share:
Basic earnings per share:
Income from continuing operations	$	0.90		$	0.56		$	0.60
Discontinued operations		—			(0.01	)		0.44
Net income attributable to common stockholders	$	0.90		$	0.55		$	1.04
Diluted earnings per share:
Income from continuing operations	$	0.89		$	0.55		$	0.60
Discontinued operations		—			(0.01	)		0.44
Net income attributable to common stockholders	$	0.89		$	0.54		$	1.04

Unexercised stock options to purchase 172,810, 1,702,783 and 2,828,018 shares of the Company's common stock were not included in the computations of diluted EPS because the options' exercise prices were greater than the average market price of the Company's stock during the years ended December 31, 2011, 2010 and 2009, respectively. In conjunction with the issuance of the Senior Notes, there were 331,257 and 331,257 potential shares issuable under certain circumstances, none of which were considered dilutive as of December 31, 2010 and 2009.