Earnings per Share

3 Months Ended

Mar. 31, 2012

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 March 31,
	2012			2011
Income from continuing operations	$	12,947		$	12,273
Less net income allocated to non-controlling interests	(11		)	(48		)
Less net income allocated to participating securities:
Nonforfeitable dividends on participating securities	(94		)	(89		)
Total net income allocated to participating securities	(94		)	(89		)
Less net income allocated to preferred stockholders:
Preferred stock dividends	(818		)	(3,058		)
Preferred stock redemption charge	—			(3,566		)
Total net income allocated to preferred stockholders	(818		)	(6,624		)
Income from continuing operations available to common stockholders	12,024			5,512
Discontinued operations:
Loss from discontinued operations	(31		)	(119		)
Gain on sale of assets, net	16			—
Total net loss from discontinued operations	(15		)	(119		)
Net income available to common stockholders	12,009			5,393
Effect of dilutive securities:
Convertible preferred securities	—			—
Net income for diluted net income per share	$	12,009		$	5,393
Shares for basic net income per share	30,189			26,310
Effect of dilutive securities:
Stock options	45			30
Convertible preferred securities	—			—
Shares for diluted net income per share	30,234			26,340
Basic net income per share	$	0.40		$	0.20
Diluted net income per share (1)	$	0.40		$	0.20

(1)For the three months ended March 31, 2012 and 2011, 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.