Annual report pursuant to Section 13 and 15(d)

Earnings Per Common Share

v2.4.0.8
Earnings Per Common Share
12 Months Ended
Dec. 31, 2013
Earnings Per Share [Abstract]  
Earnings per Common Share
We determine “Basic earnings per share” using the two-class method as our unvested restricted share awards and units 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 and units 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 dilutive earnings per share calculation includes the dilutive impact of employee stock options based on the treasury stock method and our performance share units under the contingently issuable method. The dilutive earnings per share calculation also considers our operating partnership units. We have a loss from continuing operations for the years ended December 31, 2013 and 2011, and therefore diluted earnings per share is calculated in the same manner as basic earnings per share for these years.

The computation of basic and diluted earnings per share for the three years ended December 31, 2013 was as follows (in thousands; except per share data):
 
Year Ended December 31,
 
2013
 
2012
 
2011
Numerator:
 
 
 
 
 
(Loss) income from continuing operations
$
(193
)
 
$
7,768

 
$
(14,389
)
Allocation of undistributed earnings to unvested restricted share awards and units to continuing operations

 
(191
)
 

Adjusted (loss) income from continuing operations attributable to the controlling interests
(193
)
 
7,577

 
(14,389
)
Income from discontinued operations, including gain on sale of real estate, net of taxes
37,539

 
15,940

 
119,767

Net income attributable to noncontrolling interests

 

 
(494
)
Allocation of undistributed earnings to unvested restricted share awards and units to discontinued operations
(415
)
 
(391
)
 
(712
)
Adjusted income from discontinued operations attributable to the controlling interests
37,124

 
15,549

 
118,561

Adjusted net income attributable to the controlling interests
$
36,931

 
$
23,126

 
$
104,172

Denominator:
 
 
 
 
 
Weighted average shares outstanding – basic
66,580

 
66,239

 
65,982

Effect of dilutive securities:
 
 
 
 
 
Employee stock options and restricted share awards

 
137

 

Weighted average shares outstanding – diluted
66,580

 
66,376

 
65,982

 
 
 
 
 
 
Earnings per common share, basic:
 
 
 
 
 
Continuing operations
$

 
$
0.11

 
$
(0.22
)
Discontinued operations
0.55

 
0.24

 
1.80

 
$
0.55

 
$
0.35

 
$
1.58

Earnings per common share, diluted:
 
 
 
 
 
Continuing operations
$

 
$
0.11

 
$
(0.22
)
Discontinued operations
0.55

 
0.24

 
1.80

 
$
0.55

 
$
0.35

 
$
1.58