XML 69 R32.htm IDEA: XBRL DOCUMENT v2.4.0.8
Net Income Available to Common Stockholders Per Share of the Company
 12 Months Ended
Dec. 31, 2013
Earnings Per Share [Abstract]  
Net Income Available to Common Stockholders Per Share of the Company
Net Income Available to Common Stockholders Per Share of the Company

The following table reconciles the numerator and denominator in computing the Company’s basic and diluted per-share computations for net income available to common stockholders for the years ended December 31, 2013, 2012 and 2011:

 
Year Ended December 31,
 
2013
 
2012
 
2011
 
(in thousands, except unit and per unit amounts)
Numerator:
 
 
 
 
 
Income (loss) from continuing operations
$
15,837

 
$
(3,505
)
 
$
(15,584
)
(Income) loss from continuing operations attributable to noncontrolling common units of the Operating Partnership
(56
)
 
609

 
863

Preferred distributions and dividends
(13,250
)
 
(21,088
)
 
(15,196
)
Allocation to participating securities (1)
(1,689
)
 
(1,602
)
 
(1,309
)
Numerator for basic and diluted income (loss) from continuing operations available to common stockholders
842

 
(25,586
)
 
(31,226
)
Income from discontinued operations
28,728

 
280,606

 
83,073

Income from discontinued operations attributable to noncontrolling common units of the Operating Partnership
(629
)
 
(6,796
)
 
(2,337
)
Numerator for basic and diluted net income available to common stockholders
$
28,941

 
$
248,224

 
$
49,510

Denominator:
 
 
 
 
 
Basic weighted average vested shares outstanding
77,343,853

 
69,639,623

 
56,717,121

Effect of dilutive securities – contingently issuable shares and stock options
1,765,025

 
—

 
—

Diluted weighted average vested shares and common stock equivalents outstanding
79,108,878

 
69,639,623

 
56,717,121

Basic earnings per share:
 
 
 
 
 
Income (loss) from continuing operations available to common stockholders per share
$
0.01

 
$
(0.37
)
 
$
(0.55
)
Income from discontinued operations per share of common stock
0.36

 
3.93

 
1.42

Net income available to common stockholders per share
$
0.37

 
$
3.56

 
$
0.87

Diluted earnings per share:
 
 
 
 
 
Income (loss) from continuing operations available to common stockholders per share
$
0.01

 
$
(0.37
)
 
$
(0.55
)
Income from discontinued operations per share of common stock
0.35

 
3.93

 
1.42

Net income available to common stockholders per share
$
0.36

 
$
3.56

 
$
0.87

________________________ 
(1)
Participating securities include nonvested shares, vested and non-vested time-based RSUs and vested market-measure RSUs.

The impact of the contingently issuable shares, which consist of the 4.25% Exchangeable Notes and 1,525,000 stock options, were considered in our diluted earnings per share calculation for year ended December 31, 2013 because we reported income from continuing operations attributable to common stockholders in the respective period and the effect was dilutive. The 143,022 market measure-based RSUs are not included in dilutive securities since they are considered contingently issuable shares as not all the necessary performance conditions have been met as of December 31, 2013. The impact of the Exchangeable Notes and stock options was not considered in our diluted earnings per share calculation for the years ended December 31, 2012 and 2011 because we reported a loss from continuing operations attributable to common stockholders and the effect was anti-dilutive. See Note 7 “Secured and Unsecured Debt of the Operating Partnership” for additional information regarding the Exchangeable Notes and Note 12 “Share-Based Compensation” for additional information regarding the stock options and other share-based compensation.