Earnings Per Share

12 Months Ended

Dec. 31, 2011

15. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data):

		Year Ended December 31,
		2011		2010		2009
Numerator for basic and diluted earnings
	per share - net income attributable to
	common stockholders	$	157,108	$	106,882	$	171,190

Denominator for basic earnings per
	share - weighted average shares		173,741		127,656		114,207
Effect of dilutive securities:
	Employee stock options		176		125		0
	Non-vested restricted shares		246		420		405
	Convertible senior unsecured notes		238		7		0
Dilutive potential common shares			660		552		405
Denominator for diluted earnings per
	share - adjusted weighted average shares		174,401		128,208		114,612

Basic earnings per share		$	0.90	$	0.84	$	1.50
Diluted earnings per share		$	0.90	$	0.83	$	1.49

The diluted earnings per share calculations exclude the dilutive effect of 0, 280,000 and 351,000 stock options for the years ended December 31, 2011, 2010 and 2009, respectively, because the exercise prices were more than the average market price. The outstanding convertible senior unsecured notes were not included in the 2009 calculations as the effect of the conversions into common stock was anti-dilutive for that period. The Series H Cumulative Convertible and Redeemable Preferred Stock issued in 2010 was excluded from the calculations for 2010 and 2011 as the effect of the conversions was anti-dilutive.