|
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.
|