Quarterly report pursuant to Section 13 or 15(d)

Earnings per Common Share

v2.4.0.6
Earnings per Common Share
6 Months Ended
Jun. 30, 2012
Earnings Per Share [Abstract]  
Earnings per Common Share
EARNINGS PER COMMON SHARE
We determine “Basic earnings per share” using the two-class method as our unvested restricted share awards have non-forfeitable rights to dividends, and are therefore considered participating securities. We compute basic earnings per share by dividing net income attributable to the controlling interest less the allocation of undistributed earnings to unvested restricted share awards by the weighted-average number of common shares outstanding for the period.
We also determine “Diluted earnings per share” under the two-class method with respect to the unvested restricted share awards. We further evaluate any other potentially dilutive securities at the end of the period and adjust the basic earnings per share calculation for the impact of those securities that are dilutive. Our diluted earnings per share calculation includes the dilutive impact of employee stock options based on the treasury stock method and our incentive share awards with performance or market conditions under the contingently issuable method. The diluted earnings per share calculation also considers our operating partnership units and 3.875% convertible notes under the if-converted method. The 3.875% convertible notes, which were repaid in full during the third quarter of 2011, were anti-dilutive for the reporting periods during which they were outstanding.

The following tables set forth the computation of basic and diluted earnings per share (amounts in thousands; except per share data):
 
Quarter Ended June 30,
 
Period Ended June 30,
 
2012
 
2011
 
2012
 
2011
Numerator:
 
 
 
 
 
 
 
Income from continuing operations
$
6,008

 
$
4,431

 
$
11,189

 
$
6,550

Allocation of undistributed earnings to unvested restricted share awards
(176
)
 
(26
)
 
(363
)
 
(49
)
Adjusted income from continuing operations attributable to the controlling interests
5,832

 
4,405

 
$
10,826

 
$
6,501

Income from discontinued operations, including gain on sale of real estate, net of taxes

 
2,125

 

 
4,694

Net income attributable to noncontrolling interests

 
(34
)
 

 
$
(57
)
Allocation of undistributed earnings to unvested restricted share awards

 
(12
)
 

 
(34
)
Adjusted income from discontinuing operations attributable to the controlling interests

 
2,079

 
$

 
$
4,603

Adjusted net income attributable to the controlling interests
$
5,832

 
$
6,484

 
$
10,826

 
$
11,104

Denominator:
 
 
 
 

 

Weighted average shares outstanding – basic
66,241

 
65,954

 
66,218

 
65,920

Effect of dilutive securities:
 
 
 
 
 
 
 
Operating partnership units
117

 

 
117

 

Employee stock options and restricted share awards
22

 
35

 
19

 
28

Weighted average shares outstanding – diluted
66,380

 
65,989

 
66,354

 
65,948

Earnings per common share, basic:
 
 
 
 

 

Continuing operations
$
0.09

 
$
0.07

 
$
0.16

 
$
0.10

Discontinued operations
$

 
$
0.03

 
$

 
$
0.07

 
$
0.09

 
$
0.10

 
$
0.16

 
$
0.17

Earnings per common share, diluted:

 

 

 

Continuing operations
$
0.09

 
$
0.07

 
$
0.16

 
$
0.10

Discontinued operations
$

 
$
0.03

 
$

 
$
0.07

 
$
0.09

 
$
0.10

 
$
0.16

 
$
0.17