Summary Of Significant Accounting Policies

6 Months Ended

Jun. 30, 2012

Accounting Policies [Abstract]

Summary Of Significant Accounting Policies

Summary of Significant Accounting Policies

We have not made any material changes during the period covered by this report to our significant accounting policies included in our 2011 Annual Report on Form 10-K.

Earnings Per Share (EPS)

We calculate basic EPS by dividing the net income attributable to common stockholders for the period by the weighted average number of common shares outstanding during the period.  We calculate fully diluted EPS by dividing the net income attributable to common stockholders and holders of equity in our consolidated operating partnership for the period by the weighted average number of common shares and dilutive instruments outstanding during the period using the treasury stock method.

	Three Months Ended June 30,					Six Months Ended June 30,
	2012		2011			2012		2011
Numerator (in thousands):
Net income (loss) attributable to common stockholders	$	6,527	$	(5,016	)	$	11,913	$	(5,365	)
Add back: Net income (loss) attributable to noncontrolling interests in our Operating Partnership	1,431		—			2,641		—
Numerator for diluted net income (loss) attributable to all equity holders	$	7,958	$	(5,016	)	$	14,554	$	(5,365	)
Denominator (in thousands):
Weighted average shares of common stock outstanding - basic	139,651		124,610			139,025		124,411
Effect of dilutive securities (1) :
Operating partnership units	30,548		—			30,825		—
Stock options	2,392		—			2,106		—
Unvested long term incentive plan (LTIP) units	602		—			525		—
Weighted average shares of common stock and common stock equivalents outstanding - diluted	173,193		124,610			172,481		124,411
Basic earnings per share:
Net income (loss) attributable to common stockholders per share	$	0.05	$	(0.04	)	$	0.09	$	(0.04	)
Diluted earnings per share:
Net income (loss) attributable to common stockholders per share	$	0.05	$	(0.04	)	$	0.08	$	(0.04	)

(1) Diluted shares represent ownership in our company through shares of common stock, units in our operating partnership and other convertible equity instruments. Basic and diluted shares are calculated in accordance with GAAP, and include common stock plus dilutive equity instruments, as appropriate. For the three and six months ended June 30, 2011, all potentially dilutive instruments, including OP units, stock options, and LTIP units have been excluded from the computation of weighted average dilutive shares outstanding because they were not dilutive.

Income Taxes

We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended. Provided we qualify for taxation as a REIT, we are generally not subject to corporate-level income tax on the earnings distributed currently to our stockholders that we derive from our REIT qualifying activities. We are subject to corporate-level tax on the earnings we derive through our taxable REIT subsidiaries (TRS).

Recently Issued Accounting Literature

Changes to GAAP are established by the Financial Accounting Standards Board (FASB) in the form of Accounting Standard Updates (ASUs).  We consider the applicability and impact of all ASUs. The FASB did not issue any ASUs during the first six months of 2012 that we expect to be applicable and have a material impact on our financial position or results of operations.