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Net Income (Loss) Available to Common Stockholders Per Share of the Company
9 Months Ended
Sep. 30, 2011
Earnings Per Share [Abstract] 
Net (Loss) Income Available to Common Stockholders Per Share of the Company
15.    Net Income (Loss) 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 (loss) available to common stockholders for the three and nine months ended September 30, 2011 and 2010:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2011
 
2010
 
2011
 
2010
 
 
(in thousands, except share and
per share amounts)
 
Numerator:
 
 
 
 
 
 
 
 
Income from continuing operations
$
1,427

 
$
3,319

 
$
9,021

 
$
13,491

 
Loss (income) from continuing operations attributable to noncontrolling common units of the Operating Partnership
67

 
15

 
65

 
(94
)
 
Preferred distributions and dividends
(3,799
)
 
(3,799
)
 
(11,397
)
 
(11,397
)
 
Allocation to participating securities (nonvested shares and RSUs)
(330
)
 
(273
)
 
(979
)
 
(877
)
 
Numerator for basic and diluted (loss) income from continuing operations available to common stockholders
(2,635
)
 
(738
)
 
(3,290
)
 
1,123

 
Income from discontinued operations
12,863

 
350

 
13,608

 
1,011

 
Income from discontinued operations attributable to noncontrolling common units of the Operating Partnership
(363
)
 
(11
)
 
(385
)
 
(34
)
 
Numerator for basic and diluted net income (loss) available to common stockholders
$
9,865

 
$
(399
)
 
$
9,933

 
$
2,100

 
Denominator:
 
 
 
 
 
 
 
 
Basic weighted average vested shares outstanding
58,355,127

 
52,274,316

 
56,136,477

 
48,561,614

 
Effect of dilutive securities-Exchangeable Notes and stock options
—

 
—

 
—

 
3,414

 
Diluted weighted average vested shares and common share equivalents outstanding
58,355,127

 
52,274,316

 
56,136,477

 
48,565,028

 
Basic earnings per share:
 
 
 
 
 
 
 
 
(Loss) income from continuing operations available to common stockholders per share
$
(0.05
)
 
$
(0.01
)
 
$
(0.06
)
 
$
0.02

 
Income from discontinued operations per common share
0.22

 
0.00

 
0.24

 
0.02

 
Net income (loss) available to common stockholders per share
$
0.17

 
$
(0.01
)
 
$
0.18

 
$
0.04

 
Diluted earnings per share:
 
 
 
 
 
 
 
 
(Loss) income from continuing operations available to common stockholders per share
$
(0.05
)
 
$
(0.01
)
 
$
(0.06
)
 
$
0.02

 
Income from discontinued operations per common share
0.22

 
0.00

 
0.24

 
0.02

 
Net income (loss) available to common stockholders per share
$
0.17

 
$
(0.01
)
 
$
0.18

 
$
0.04

 
The impact of the Exchangeable Notes and stock options was not considered in our diluted earnings per share calculation for the three and nine months ended September 30, 2011 and the three months ended September 30, 2010 since the Company had losses from continuing operations attributable to common stockholders in the respective periods and the effect was anti-dilutive.
The impact of the Exchangeable Notes was not included in our diluted earnings per share calculation for the nine months ended September 30, 2010 because the average trading price of the Company's common stock on the NYSE was below the respective Exchangeable Notes exchange price for the period. As a result, these instruments were not considered to be dilutive for the purposes of our diluted earnings per share calculation for this period.