Net Income Per Common Share

6 Months Ended

Jun. 30, 2013

Earnings Per Share, Basic and Diluted [Abstract]

Net Income per Common Share

NET INCOME PER COMMON SHARE

Net income per common share is presented on both a basic and diluted basis.  Diluted net income per common share assumes the exercise of stock options using the treasury stock method for all periods presented. Because the Company's Series A and Series B Cumulative Redeemable Preferred Stock are redeemable at the Company's option for cash only, and may convert into shares of common stock only upon a change of control of the Company, the effect of those shares is excluded from the calculation of diluted net income per common share for the three and six months ended June 30, 2013.

Holders of unvested shares of our issued and outstanding restricted common stock are eligible to receive non-forfeitable dividends. As such, these unvested shares are considered participating securities as per ASC 260-10 and therefore are included in the computation of basic earnings per share ("EPS") using the two-class method.

The following table presents the calculation of the numerator and denominator for both basic and diluted net income per common share:

	Three Months Ended
	June 30,
	2013					2012
	Income			Weighted-Average Common Shares		Income		Weighted- Average Common Shares
Net income	$	31,534				$	18,847
Preferred stock dividends	(2,092		)			—
Net income to common shareholders	$	29,442		54,973,561		$	18,847	54,353,811
Effect of dilutive stock options	—			—		—		—
Diluted	$	29,442		54,973,561		$	18,847	54,353,811
Net income per common share:
Basic				$	0.54			$	0.35
Diluted (1)				$	0.54			$	0.35

(1) For the three months ended June 30, 2012, the calculation of diluted net income per common shareexcludes the effect of 15,000 unexercised stock option awards because their inclusion would have been anti-dilutive.

	Six Months Ended
	June 30,
	2013					2012
	Income			Weighted-Average Common Shares		Income		Weighted- Average Common Shares
Net income	$	51,136				$	35,323
Preferred stock dividends	(3,313		)			—
Net income to common shareholders	$	47,823		54,638,651		$	35,323	51,930,581
Effect of dilutive stock options	—			—		—		—
Diluted	$	47,823		54,638,651		$	35,323	51,930,581
Net income per common share:
Basic				$	0.88			$	0.68
Diluted (1)				$	0.88			$	0.68

(1) For the six months ended June 30, 2012, the calculation of diluted net income per common shareexcludes the effect of 15,000 unexercised stock option awards because their inclusion would have been anti-dilutive.