Earnings per Share

6 Months Ended

Jun. 30, 2011

Earnings per Share

Earnings per Share

10. Earnings per Share

The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share amounts):

	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
Income from continuing operations	$	12,336		$	11,673		$	24,584		$	22,288
Less net income allocated to non-controlling interests:	(48		)	(48		)	(96		)	(96		)
Less net income allocated to participating securities:
Nonforfeitable dividends on participating securities	(85		)	(58		)	(174		)	(101		)
Total net income allocated to participating securities	(85		)	(58		)	(174		)	(101		)
Less net income allocated to preferred stockholders:
Preferred stock dividends	(818		)	(3,785		)	(3,876		)	(7,570		)
Preferred stock redemption charge	—			—			(3,566		)	—
Total net income allocated to preferred stockholders	(818		)	(3,785		)	(7,442		)	(7,570		)
Income from continuing operations available to common stockholders	11,385			7,782			16,872			14,521
Net loss from discontinued operations:
Discontinued operations	(74		)	(43		)	(168		)	(88		)
Total net loss from discontinued operations	(74		)	(43		)	(168		)	(88		)
Total net income available to common stockholders	11,311			7,739			16,704			14,433
Effect of dilutive securities:
Convertible preferred securities	—			20			—			40
Net income for diluted net income per share	$	11,311		$	7,759		$	16,704		$	14,473
Shares for basic net income per share	30,135			23,643			28,233			23,464
Effect of dilutive securities:
Stock options	33			24			31			24
Convertible preferred securities	—			76			—			75
Shares for diluted net income per share	30,168			23,743			28,264			23,563
Basic net income per share	$	0.38		$	0.33		$	0.59		$	0.62
Diluted net income per share (1)	$	0.37		$	0.33		$	0.59		$	0.61

(1)For the three and six months ended June 30, 2011 and 2010, the Series C Cumulative Convertible Preferred Stock, the participating securities and the non-controlling interest have been excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive.