Earnings per Share and Unit

Parent Company Earnings per Share

The following summarizes the calculation of basic and diluted earnings per share for the years ended December 31, 2011, 2010, and 2009, respectively (in thousands except per share data):



		Year to Date
		2011	2010		2009
Numerator:
Income from continuing operations	$	48,649	1,192		(38,813	)
Discontinued operations		7,139	11,809		9,777
Net income		55,788	13,001		(29,036	)
Less: Preferred stock dividends		19,675	19,675		19,675
Less: Noncontrolling interests		4,418	4,185		3,961
Net income attributable to common stockholders		31,695	(10,859	)	(52,672	)
Less: Dividends paid on unvested restricted stock		615	542		488
Net income attributable to common stockholders - basic		31,080	(11,401	)	(53,160	)
Add: Dividends paid on Treasury Method restricted stock		18	—		—
Net income for common stockholders - diluted	$	31,098	(11,401	)	(53,160	)
Denominator:
Weighted average common shares outstanding for basic EPS		87,825	81,068		76,440
Incremental shares under Forward Equity Offering		424	1,534		67
Weighted average common shares outstanding for diluted EPS		88,249	82,602		76,507
Income per common share – basic
Continuing operations	$	0.27	(0.29	)	(0.82	)
Discontinued operations		0.08	0.15		0.12
Net income attributable to common stockholders	$	0.35	(0.14	)	(0.70	)
Income per common share – diluted
Continuing operations	$	0.27	(0.28	)	(0.82	)
Discontinued operations		0.08	0.14		0.12
Net income attributable to common stockholders	$	0.35	(0.14	)	(0.70	)

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 years ended December 31, 2011, 2010, and 2009 were 177,164, 270,706, and 468,211, respectively.

Operating Partnership Earnings per Unit

The following summarizes the calculation of basic and diluted earnings per unit for the periods ended December 31, 2011 and 2010, respectively (in thousands except per unit data):




		2011	2010		2009
Numerator:
Income from continuing operations	$	48,649	1,192		(38,813	)
Discontinued operations		7,139	11,809		9,777
Net income		55,788	13,001		(29,036	)
Less: Preferred unit distributions		23,400	23,400		23,400
Less: Noncontrolling interests		590	376		452
Net income attributable to common unit holders		31,798	(10,775	)	(52,888	)
Less: Dividends paid on unvested restricted stock		615	542		488
Net income attributable to common unit holders - basic		31,183	(11,317	)	(53,376	)
Add: Dividends paid on Treasury Method restricted stock		18	—		—
Net income for common unit holders - diluted	$	31,201	(11,317	)	(53,376	)
Denominator:
Weighted average common units outstanding for basic EPU		88,002	81,339		76,908
Incremental units under Forward Equity Offering		424	1,534		—
Weighted average common units outstanding for diluted EPU		88,426	82,873		76,908
Income per common unit – basic
Continuing operations	$	0.27	(0.29	)	(0.82	)
Discontinued operations		0.08	0.15		0.12
Net income attributable to common unit holders	$	0.35	(0.14	)	(0.70	)
Income per common unit – diluted
Continuing operations	$	0.27	(0.28	)	(0.82	)
Discontinued operations		0.08	0.14		0.12
Net income attributable to common unit holders	$	0.35	(0.14	)	(0.70	)