Earnings (Loss) Per Common Share/Unit

9 Months Ended

Sep. 30, 2011

Earnings (Loss) Per Common Share/Unit [Abstract]

Earnings (Loss) Per Common Share Unit

13. Earnings (Loss) Per Common Share / Unit

We determine basic earnings per share/unit based on the weighted average number of shares of common stock/units outstanding during the period. We compute diluted earnings per share/unit based on the weighted average number of shares of common stock/units outstanding combined with the incremental weighted average effect from all outstanding potentially dilutive instruments.

The following tables set forth the computation of basic and diluted earnings per share/unit (in thousands, except per share/unit amounts):

	Three Months Ended September 30,						Nine Months Ended September 30,
REIT	2011 (1)			2010 (2)			2011 (2)			2010 (2)
Net earnings (loss) attributable to common share	$	55,436		$	(15,052	)	$	(142,651	)	$	(129,331	)
Noncontrolling interest attributable to exchangeable limited partnership units		(485	)		—			—			—
Adjusted net earnings (loss) attributable to common shares	$	54,951		$	(15,052	)	$	(142,651	)	$	(129,331	)
Weighted average common shares outstanding - Basic		458,256			212,945			340,923			212,611
Incremental weighted average effect of exchange of limited partnership units		3,362			—			—			—
Incremental weighted average effect of share awards		790			—			—			—
Weighted average common shares outstanding - Diluted (3)		462,408			212,945			340,923			212,611
Net earnings (loss) per share attributable to common shares - Basic and Diluted	$	0.12		$	(0.07	)	$	(0.42	)	$	(0.61	)
Operating Partnership
Net earnings (loss) attributable to common unitholders	$	54,906		$	15,052		$	(143,181	)	$	(129,331	)
Noncontrolling interest attributable to exchangeable limited partnership units		45			—			—			—
Adjusted net earnings (loss) attributable to common unitholders	$	54,951		$	15,052		$	(143,181	)	$	(129,331	)
Weighted average common partnership units outstanding - Basic		460,315			212,945			341,828			212,611
Incremental weighted average effect of exchange of limited partnership units		1,303			—			—			—
Incremental weighted average effect of share awards		790			—			—			—
Weighted average common partnership units outstanding - Diluted (3)		462,408			212,945			341,828			212,611
Net earnings (loss) per unit attributable to common unitholders - Basic and Diluted	$	0.12		$	(0.07	)	$	(0.42	)	$	(0.61	)

(1) Total weighted average potentially dilutive share options and awards outstanding (in thousands) were 9,909 for the three months ended September 30, 2011.

(2) In periods with a net loss, the inclusion of any incremental shares /units is anti-dilutive and, therefore, both basic and diluted shares/units are the same.

(3) The shares underlying the convertable debt have not been included because the impact would be anti-dilutive.