Net Income Per Common Share

12 Months Ended

Dec. 31, 2011

Net Income Per Common Share

Net Income Per Common Share

14. Net Income Per Common Share

        Basic and diluted net income per share were as follows (in thousands except per share amounts):

	For the year ended December 31,
	2011			2010			2009
Income from continuing operations	$	49,673		$	45,860		$	44,473
Less income allocated to non-controlling interests		(191	)		(191	)		(296	)
Less income allocated to participating securities Non-forfeitable dividends on participating securities		(342	)		(230	)		(139	)
Total income allocated to participating securities		(342	)		(230	)		(139	)
Less income allocated to preferred stockholders:
Preferred stock dividends		(5,512	)		(13,662	)		(15,141	)
Preferred stock redemption charge		(3,566	)		(2,383	)		—
Allocation of income from preferred stock buyback		—			—			626
Total income allocated to preferred stockholders		(9,078	)		(16,045	)		(14,515	)
Income from continuing operations allocable to common stockholders		40,062			29,394			29,523
Add net income from discontinued operations:
Loss from discontinued operations		(230	)		(117	)		(113	)
Gain on sale of assets, net		—			310			—
Total net income from discontinued operations		(230	)		193			(113	)
Total net income allocable to common stockholders		39,832			29,587			29,410
Effect of dilutive securities:
Convertible preferred securities		—			40			80
Total effect of dilutive securities		—			40			80
Net income for diluted net income per share	$	39,832		$	29,627		$	29,490
Shares for basic net income per share		29,194			24,495			23,099
Effect of dilutive securities:
Stock options		28			23			8
Convertible preferred securities		—			50			75
		28			73			83
Shares for diluted net income per share		29,222			24,568			23,182
Basic net income per common share	$	1.36		$	1.21		$	1.27
Diluted net income per common share(1)	$	1.36		$	1.21		$	1.27

(1)

For each year, the Series C Cumulative Convertible Preferred Stock, the participating securities and the convertible non-controlling interests have been excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive.