Net Income Per Common Share

12 Months Ended

Dec. 31, 2013

Net Income Per Common Share

Net Income Per Common Share

14. Net Income Per Common Share

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

	For the year ended December 31,
	2013			2012			2011
Income from continuing operations	$	55,405		$	50,306		$	48,620
Less net income allocated to non-controlling interests		—			(37	)		(191	)
Less net income allocated to participating securities:
Non-forfeitable dividends on participating securities		(381	)		(377	)		(342	)
Income allocated to participating securities		(2	)		—			—
Total net income allocated to participating securities		(383	)		(377	)		(342	)
Less net income allocated to preferred stockholders:
Preferred stock dividends		(3,273	)		(3,273	)		(5,512	)
Preferred stock redemption charge		—			—			(3,566	)
Total net income allocated to preferred stockholders		(3,273	)		(3,273	)		(9,078	)
Income from continuing operations available to common stockholders		51,749			46,619			39,009
Discontinued operations:
Income from discontinued operations		805			1,005			823
Gain on sale of assets, net		1,605			16			—
Total net income from discontinued operations		2,410			1,021			823
Net income available to common stockholders		54,159			47,640			39,832
Effect of dilutive securities:
Convertible preferred securities		—			—			—
Total effect of dilutive securities		—			—			—
Net income for diluted net income per share	$	54,159		$	47,640		$	39,832
Shares for basic net income per share		33,111			30,238			29,194
Effect of dilutive securities:
Stock options		31			40			28
Convertible preferred securities		—			—			—
Total effect of dilutive securities		31			40			28
Shares for diluted net income per share		33,142			30,278			29,222
Basic net income per share	$	1.64		$	1.58		$	1.36
Diluted net income per share(1)	$	1.63		$	1.57		$	1.36

⁽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.