Earnings per Share

9 Months Ended

Sep. 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 September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
Income from continuing operations	$	12,453		$	11,537		$	37,037		$	33,825
Less net income allocated to non-controlling interests	(48		)	(48		)	(144		)	(144		)
Less net income allocated to participating securities:
Nonforfeitable dividends on participating securities	(85		)	(54		)	(259		)	(155		)
Total net income allocated to participating securities	(85		)	(54		)	(259		)	(155		)
Less net income allocated to preferred stockholders:
Preferred stock dividends	(818		)	(3,506		)	(4,694		)	(11,076		)
Preferred stock redemption charge	—			(2,383		)	(3,566		)	(2,383		)
Total net income allocated to preferred stockholders	(818		)	(5,889		)	(8,260		)	(13,459		)
Income from continuing operations available to common stockholders	11,502			5,546			28,374			20,067
Net loss from discontinued operations:
Discontinued operations	(30		)	25			(198		)	(63		)
Total net loss from discontinued operations	(30		)	25			(198		)	(63		)
Total net income available to common stockholders	11,472			5,571			28,176			20,004
Effect of dilutive securities:
Convertible preferred securities	—			—			—			40
Net income for diluted net income per share	$	11,472		$	5,571		$	28,176		$	20,044
Shares for basic net income per share	30,137			24,930			28,874			23,959
Effect of dilutive securities:
Stock options	19			15			28			21
Convertible preferred securities	—			—			—			75
Shares for diluted net income per share	30,156			24,945			28,902			24,055
Basic net income per share	$	0.38		$	0.22		$	0.98		$	0.83
Diluted net income per share (1)	$	0.38		$	0.22		$	0.97		$	0.83

(1)For the three and nine months ended September 30, 2011 and the three months ended September 30, 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.