Earnings Per Share

12 Months Ended

Dec. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

Earnings per common share – basic is computed using net (loss) income attributable to common shareholders and the weighted average number of shares outstanding - basic. Earnings per common share – diluted include the effect of potentially dilutive securities. Income (loss) from continuing operations attributable to common shareholders includes gain on sale of property in accordance with SEC guidelines. Earnings per common share – basic and diluted components for the periods indicated are as follows (in thousands):

	Year Ended December 31,
	2012			2011			2010
Numerator:
Continuing Operations:
Income (loss) from continuing operations	$	72,187		$	(6,531	)	$	20,935
Gain on sale of property	1,034			1,679			2,005
Net income attributable to noncontrolling interests	(5,781		)	(1,118		)	(5,032		)
Dividends on preferred shares	(34,930		)	(35,476		)	(35,476		)
Redemption costs of preferred shares	(2,500		)	—			—
Income (loss) from continuing operations attributable to common shareholders – basic and diluted	$	30,010		$	(41,446	)	$	(17,568	)
Discontinued Operations:
Income from discontinued operations attributable to common shareholders – basic and diluted	$	79,200		$	21,591		$	28,298
Denominator:
Weighted average shares outstanding - basic	120,696			120,331			119,935
Effect of dilutive securities:
Share options and awards	1,009			—			845
Weighted average shares outstanding - diluted	121,705			120,331			120,780

Anti-dilutive securities of our common shares, which are excluded from the calculation of earnings per common share – diluted are as follows (in thousands):

	Year Ended December 31,
	2012	2011	2010
Share options (1)	2,354	3,158	3,537
Operating partnership units	1,578	1,617	1,662
Share options and awards	—	894	—
Total anti-dilutive securities	3,932	5,669	5,199

(1) Exclusion results as exercise prices were greater than the average market price for each respective period.