Quarterly report pursuant to Section 13 or 15(d)

Earnings per Common Share

 v2.3.0.11
Earnings per Common Share
6 Months Ended
Jun. 30, 2011
Earnings per Common Share  
Earnings per Common Share

NOTE 9: 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 long-term incentive share units 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 operating partnership units and 3.875% convertible notes were anti-dilutive for the 2011 and 2010 Quarters and Periods and are not included in our earnings per share calculations.

 

The following tables set forth the computation of basic and diluted earnings per share (amounts in thousands; except per share data):

 

     Quarters Ended
June 30,
    Periods Ended June 30,  
     2011     2010     2011     2010  

Numerator:

        

Income from continuing operations

   $ 7,739      $ 6,094      $ 12,885      $ 10,460   

Less: Net income attributable to noncontrolling interests

     (34     (27     (57     (76

Allocation of undistributed earnings to unvested restricted share awards and units

     (38     (50     (83     (77
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted income from continuing operations attributable to the controlling interests

     7,667        6,017        12,745        10,307   

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

     (1,183     8,927        (1,641     9,826   
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted net income attributable to the controlling interests

   $ 6,484      $ 14,944      $ 11,104      $ 20,133   
  

 

 

   

 

 

   

 

 

   

 

 

 

Denominator:

        

Weighted average shares outstanding – basic

     65,954        61,171        65,920        60,538   

Effect of dilutive securities:

        

Employee stock options and restricted share awards

     35        116        28        111   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding – diluted

     65,989        61,287        65,948        60,649   
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per common share, basic:

        

Continuing operations

   $ 0.12      $ 0.10      $ 0.19      $ 0.17   

Discontinued operations

   ($ 0.02   $ 0.14      ($ 0.02   $ 0.16   
  

 

 

   

 

 

   

 

 

   

 

 

 
   $ 0.10      $ 0.24      $ 0.17      $ 0.33   
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per common share, diluted:

        

Continuing operations

   $ 0.12      $ 0.10      $ 0.19      $ 0.17   

Discontinued operations

   ($ 0.02   $ 0.14      ($ 0.02   $ 0.16   
  

 

 

   

 

 

   

 

 

   

 

 

 
   $ 0.10      $ 0.24      $ 0.17      $ 0.33