Net Income Per Common Share (Tables)

12 Months Ended

Dec. 31, 2012

Net Income Per Common Share

Schedule of basic and diluted net income per share

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

	For the year ended December 31,
	2012			2011			2010
Income from continuing operations	$	51,311		$	49,542		$	45,595
Less net income allocated to non-controlling interests		(37	)		(191	)		(191	)
Less net income allocated to participating securities:
Non-forfeitable dividends on participating securities		(377	)		(342	)		(230	)
Total net income allocated to participating securities		(377	)		(342	)		(230	)
Less net income allocated to preferred stockholders:
Preferred stock dividends		(3,273	)		(5,512	)		(13,662	)
Preferred stock redemption charge		—			(3,566	)		(2,383	)
Total net income allocated to preferred stockholders		(3,273	)		(9,078	)		(16,045	)
Income from continuing operations available to common stockholders		47,624			39,931			29,129
Discontinued operations:
(Loss) gain from discontinued operations		—			(99	)		148
Gain on sale of assets, net		16			—			310
Total net income (loss) from discontinued operations		16			(99	)		458
Net income available to common stockholders		47,640			39,832			29,587
Effect of dilutive securities:
Convertible preferred securities		—			—			40
Total effect of dilutive securities		—			—			40
Net income for diluted net income per share	$	47,640		$	39,832		$	29,627
Shares for basic net income per share		30,238			29,194			24,495
Effect of dilutive securities:
Stock options		40			28			23
Convertible preferred securities		—			—			50
Total effect of dilutive securities		40			28			73
Shares for diluted net income per share		30,278			29,222			24,568
Basic net income per share	$	1.58		$	1.36		$	1.21
Diluted net income per share(1)	$	1.57		$	1.36		$	1.21

⁽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.