Note 6 - Net Income Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share [Text Block]

6.     Net Income Per Share

Basic net income available to common stockholders per share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Net income available to common stockholders is calculated by taking total net income and deducting the net income attributable to noncontrolling interests in each of the underlining operating partnerships. Diluted net income available to common stockholders per share is computed by dividing net income available to common stockholders by the sum of the weighted-average number of common shares outstanding for the period plus the assumed exercise of all dilutive securities using the treasury stock method.

The computation for weighted average shares is detailed below:

	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Weighted average shares outstanding (basic)		22,495,605		21,957,654		22,392,427		21,919,632
Incremental shares from assumed option exercise		260,401		165,873		190,931		170,681
Weighted average shares outstanding (diluted)		22,756,006		22,123,527		22,583,358		22,090,313

At June 30, 2011, outstanding options to purchase 1,462,500 shares of common stock were excluded from the computation of diluted net income available to common stockholders per share under the treasury stock method for the three and six months ended June 30, 2011, because the option exercise price was greater than the weighted average closing price of the Company’s common stock during the period. The outstanding O.P. units which are exchangeable at the unit holder’s option, subject to certain restrictions on conversions, for shares of common stock on a one-for-one basis have been excluded from the diluted net income per share calculation. The total number of O.P. units outstanding at June 30, 2011 and 2010, was 82,701,265 and 83,326,965, respectively.