Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Common Share

v2.3.0.15
Earnings Per Common Share
9 Months Ended
Sep. 30, 2011
Earnings Per Common Share [Abstract]  
Earnings per Common Share

NOTE 10: 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 were anti-dilutive for the 2011 and 2010 Quarters and Periods and are not included in our earnings per share calculations. The 3.875% convertible notes, which were repaid in full during the 2011 Quarter, 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
September 30,
    Period Ended
September 30,
 
     2011     2010     2011     2010  

Numerator:

        

Income from continuing operations

   $ 2,707      $ 3,093      $ 9,257      $ 7,955   

Allocation of undistributed earnings to unvested restricted share awards and units

     (17     (21     (57     (97
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted income from continuing operations attributable to the controlling interests

   $ 2,690      $ 3,072      $ 9,200      $ 7,858   
  

 

 

   

 

 

   

 

 

   

 

 

 

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

     60,329        3,565        65,023        18,989   

Allocation of undistributed earnings to unvested restricted share awards and units

     (368   $ —          (395   $ —     

Net income attributable to noncontrolling interests

     (28     (33     (85     (109
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted income from discontinuing operations attributable to the controlling interests

   $ 59,933      $ 3,532      $ 64,543      $ 18,880   
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted net income attributable to the controlling interests

   $ 62,623      $ 6,604      $ 73,743      $ 26,738   
  

 

 

   

 

 

   

 

 

   

 

 

 

Denominator:

        

Weighted average shares outstanding – basic

     66,017        62,894        65,953        61,332   

Effect of dilutive securities:

        

Employee stock options and restricted share awards

     47        161        34        128   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding – diluted

     66,064        63,055        65,987        61,460   
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per common share, basic:

        

Continuing operations

   $ 0.04      $ 0.05      $ 0.14      $ 0.13   

Discontinued operations

   $ 0.91      $ 0.06      $ 0.98      $ 0.30   
  

 

 

   

 

 

   

 

 

   

 

 

 
   $ 0.95      $ 0.11      $ 1.12      $ 0.43   
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per common share, diluted:

        

Continuing operations

   $ 0.04      $ 0.05      $ 0.14      $ 0.13   

Discontinued operations

   $ 0.91      $ 0.05      $ 0.98      $ 0.30   
  

 

 

   

 

 

   

 

 

   

 

 

 
   $ 0.95      $ 0.10      $ 1.12      $ 0.43