XML 178 R20.htm IDEA: XBRL DOCUMENT v2.4.0.8
Earnings Per Share
 6 Months Ended
Jun. 30, 2013
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share
Earnings per common share – basic is computed using net 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 from continuing operations attributable to common shareholders includes gain on sale of property in accordance with Securities and Exchange Commission guidelines. The components of earnings per common share – basic and diluted for the prior periods have been recast to conform with discontinued operations. Earnings per common share – basic and diluted components for the periods indicated are as follows (in thousands):
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2013
 
2012
 
2013
 
2012
Numerator:
 
 
 
 
 
 
 
Continuing Operations:
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
24,522

 
$
(3,126
)
 
$
67,396

 
$
10,485

Gain on sale of property
265

 
84

 
407

 
524

Net income attributable to noncontrolling interests
(950
)
 
(1,087
)
 
(2,052
)
 
(2,221
)
Dividends on preferred shares
(5,313
)
 
(8,869
)
 
(12,753
)
 
(17,738
)
Redemption costs of preferred shares
(15,702
)
 
—

 
(17,944
)
 
—

Income (loss) from continuing operations attributable to
common shareholders – basic and diluted
$
2,822

 
$
(12,998
)

$
35,054


$
(8,950
)
Discontinued Operations:
 
 
 
 
 
 
 
Income from discontinued operations
$
79,391

 
$
35,803

 
$
81,192

 
$
44,390

Net income attributable to noncontrolling interests
(36,792
)
 
(255
)
 
(37,157
)
 
(562
)
Income from discontinued operations attributable to
common shareholders – basic and diluted
$
42,599

 
$
35,548

 
$
44,035

 
$
43,828

Denominator:
 
 
 
 
 
 
 
Weighted average shares outstanding - basic
121,286

 
120,661

 
121,172

 
120,571

Effect of dilutive securities:
 
 
 
 
 
 
 
Share options and awards
1,288

 
—

 
1,223

 
—

Weighted average shares outstanding - diluted
122,574

 
120,661

 
122,395

 
120,571


Anti-dilutive securities of our common shares, which are excluded from the calculation of earnings per common share – diluted, are as follows (in thousands):
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2013
 
2012
 
2013
 
2012
Share options (1)
1,219

 
2,362

 
1,939

 
2,362

Operating partnership units
1,555

 
1,582

 
1,556

 
1,583

Share options and awards
—

 
1,034

 
—

 
991

Total anti-dilutive securities
2,774

 
4,978

 
3,495

 
4,936

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