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Earnings Per Share
 6 Months Ended
Jun. 30, 2012
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
EARNINGS PER SHARE
We have calculated earnings per share (“EPS”) under the two-class method. The two-class method is an earnings allocation methodology whereby EPS for each class of common stock and participating securities is calculated according to dividends declared and participation rights in undistributed earnings. For the three and six months ended June 30, 2012 and 2011, we had 0.3 million weighted average unvested shares outstanding, which are considered participating securities. Therefore, we have allocated our earnings for basic and diluted EPS between common shares and unvested shares; the portion of earnings allocated to the unvested shares is reflected as “earnings allocated to unvested shares” in the reconciliation below.
In the dilutive EPS calculation, dilutive stock options were calculated using the treasury stock method consistent with prior periods. There were no anti-dilutive stock options for the three and six months ended June 30, 2012. Approximately 0.1 million stock options have been excluded for the three and six months ended June 30, 2011 as they were anti-dilutive. The conversions of downREIT operating partnership units and 5.417% Series 1 Cumulative Convertible Preferred Shares are anti-dilutive for all periods presented and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS.

 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2012
 
2011
 
2012
 
2011
 
(In thousands, except per share data)
NUMERATOR
 
 
 
 
 
 
 
Income from continuing operations
$
33,596

 
$
33,893

 
$
65,858

 
$
65,856

Less: Preferred share dividends
(135
)
 
(135
)
 
(271
)
 
(271
)
Less: Income from continuing operations attributable to noncontrolling interests
(993
)
 
(1,504
)
 
(2,129
)
 
(2,692
)
Less: Earnings allocated to unvested shares
(208
)
 
(125
)
 
(416
)
 
(316
)
Income from continuing operations available for common shareholders
32,260

 
32,129

 
63,042

 
62,577

Results from discontinued operations attributable to the Trust
—

 
2,368

 
—

 
2,779

Gain on sale of real estate in real estate partnership
—

 
—

 
11,860

 
—

Net income available for common shareholders, basic and diluted
$
32,260

 
$
34,497

 
$
74,902

 
$
65,356

DENOMINATOR
 
 
 
 
 
 
 
Weighted average common shares outstanding—basic
63,700

 
62,214

 
63,556

 
61,844

Effect of dilutive securities:
 
 
 
 
 
 
 
Stock options
180

 
177

 
176

 
168

Weighted average common shares outstanding—diluted
63,880

 
62,391

 
63,732

 
62,012

EARNINGS PER COMMON SHARE, BASIC
 
 
 
 
 
 
 
Continuing operations
$
0.51

 
$
0.51

 
$
0.99

 
$
1.01

Discontinued operations
—

 
0.04

 
—

 
0.05

Gain on sale of real estate
—

 
—

 
0.19

 
—

 
$
0.51

 
$
0.55

 
$
1.18

 
$
1.06

EARNINGS PER COMMON SHARE, DILUTED
 
 
 
 
 
 
 
Continuing operations
$
0.51

 
$
0.51

 
$
0.99

 
$
1.00

Discontinued operations
—

 
0.04

 
—

 
0.05

Gain on sale of real estate
—

 
—

 
0.19

 
—

 
$
0.51

 
$
0.55

 
$
1.18

 
$
1.05

Income from continuing operations attributable to the Trust
$
32,603

 
$
32,389

 
$
63,729

 
$
63,164