Quarterly report pursuant to Section 13 or 15(d)

Earnings per Common Share

v2.4.0.6
Earnings per Common Share
3 Months Ended
Mar. 31, 2013
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 under the if-converted method.

The computations of basic and diluted earnings per share for the three months ended March 31, 2013 and 2012 were as follows(in thousands; except per share data):
 
Three Months Ended March 31,
 
2013
 
2012
Numerator:
 
 
 
Income from continuing operations
$
3,955

 
$
4,834

Allocation of undistributed earnings to unvested restricted share awards
(65
)
 
(175
)
Adjusted income from continuing operations attributable to the controlling interests
3,890

 
4,659

Income from discontinued operations, including gain on sale of real estate, net of taxes
3,380

 
347

Allocation of undistributed earnings to unvested restricted share awards
(55
)
 
(13
)
Adjusted income from discontinuing operations attributable to the controlling interests
3,325

 
334

Adjusted net income attributable to the controlling interests
$
7,215

 
$
4,993

Denominator:
 
 
 
Weighted average shares outstanding – basic
66,393

 
66,194

Effect of dilutive securities:
 
 
 
Operating partnership units
117

 
117

Employee stock options and restricted share awards
9

 
17

Weighted average shares outstanding – diluted
66,519

 
66,328

Earnings per common share, basic:
 
 
 
Continuing operations
$
0.06

 
$
0.07

Discontinued operations
0.05

 
0.01

 
$
0.11

 
$
0.08

Earnings per common share, diluted:

 

Continuing operations
$
0.06

 
$
0.07

Discontinued operations
0.05

 
0.01

 
$
0.11

 
$
0.08