Note 5 - Net Income Per Share

6 Months Ended

Jun. 30, 2012

Earnings Per Share [Text Block]

5.     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,
	2012		2011		2012		2011
Weighted average shares outstanding (basic)		22,668,020		22,495,605		22,652,844		22,392,427
Incremental shares from assumed option exercise		411,719		260,401		457,520		190,931
Weighted average shares outstanding (diluted)		23,079,739		22,756,006		23,110,364		22,583,358

At June 30, 2012, outstanding options to purchase 1,462,500 and 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, 2012, 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, 2012 and 2011, was 82,618,015 and 82,701,265, respectively.