Earnings per Share and Unit

Parent Company Earnings per Share

The following summarizes the calculation of basic and diluted earnings per share for the periods ended September 30, 2011 and 2010, respectively (in thousands except per share data):



		Three months ended			Nine months ended
		2011	2010		2011	2010
Numerator:
Income from continuing operations	$	12,362	13,399	$	39,077	37,494
Discontinued operations		2,179	474		2,531	7,523
Net income		14,541	13,873		41,608	45,017
Less: Preferred stock dividends		4,919	4,919		14,756	14,756
Less: Noncontrolling interests		1,112	1,060		3,296	3,220
Net income attributable to common stockholders		8,510	7,894		23,556	27,041
Less: Dividends paid on unvested restricted stock		187	158		560	474
Net income attributable to common stockholders - basic		8,323	7,736		22,996	26,567
Add: Dividends paid on Treasury Method restricted stock		5	—		33	—
Net income for common stockholders - diluted	$	8,328	7,736	$	23,029	26,567
Denominator:
Weighted average common shares outstanding for basic EPS		89,506	81,167		87,245	81,017
Incremental shares to be issued under unvested restricted stock		11	—		24	—
Incremental shares under Forward Equity Offering		—	1,410		565	1,340
Weighted average common shares outstanding for diluted EPS		89,517	82,577		87,834	82,357
Income per common share – basic
Continuing operations	$	0.07	0.09	$	0.23	0.24
Discontinued operations		0.02	0.01		0.03	0.09
Net income attributable to common stockholders	$	0.09	0.10	$	0.26	0.33
Income per common share – diluted
Continuing operations	$	0.07	0.09	$	0.23	0.23
Discontinued operations		0.02	—		0.03	0.09
Net income attributable to common stockholders	$	0.09	0.09	$	0.26	0.32

Income (Loss) allocated to noncontrolling interests of the Operating Partnership has been excluded from the numerator and Exchangeable Operating Partnership units have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would have no impact. Weighted average Exchangeable Operating Partnership units outstanding for the three months ended September 30, 2011 and 2010 were 177,164 and 189,164, respectively. Weighted average Exchangeable Operating Partnership units outstanding for the nine months ended September 30, 2011 and 2010 were 177,164 and 298,330, respectively.

Operating Partnership Earnings per Unit

The following summarizes the calculation of basic and diluted earnings per unit for the periods ended September 30, 2011 and 2010, respectively (in thousands except per unit data):



		Three months ended			Nine months ended
		2011	2010		2011	2010
Numerator:
Income from continuing operations	$	12,362	13,399	$	39,077	37,494
Discontinued operations		2,179	474		2,531	7,523
Net income		14,541	13,873		41,608	45,017
Less: Preferred unit distributions		5,850	5,850		17,550	17,550
Less: Noncontrolling interests		154	95		425	271
Net income attributable to common unit holders		8,537	7,928		23,633	27,196
Less: Dividends paid on unvested restricted stock		187	158		560	474
Net income attributable to common unit holders - basic		8,350	7,770		23,073	26,722
Add: Dividends paid on Treasury Method restricted stock		5	—		33	—
Net income for common unit holders - diluted	$	8,355	7,770	$	23,106	26,722
Denominator:
Weighted average common units outstanding for basic EPU		89,683	81,356		87,422	81,316
Incremental units to be issued under unvested restricted stock		11	—		24	—
Incremental units under Forward Equity Offering		—	1,410		565	1,340
Weighted average common units outstanding for diluted EPU		89,694	82,766		88,011	82,656
Income per common unit – basic
Continuing operations	$	0.07	0.09	$	0.23	0.24
Discontinued operations		0.02	0.01		0.03	0.09
Net income attributable to common unit holders	$	0.09	0.10	$	0.26	0.33
Income per common unit – diluted
Continuing operations	$	0.07	0.09	$	0.23	0.23
Discontinued operations		0.02	—		0.03	0.09
Net income attributable to common unit holders	$	0.09	0.09	$	0.26	0.32