Earnings per Share

9 Months Ended

Sep. 30, 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 September 30,		Nine Months Ended September 30,
	2012	2011	2012	2011
Income from continuing operations	$12,504	$12,448	$38,533	$36,914
Less net income allocated to non-controlling interests	(9)	(48)	(30)	(144)
Less net income allocated to participating securities:
Nonforfeitable dividends on participating securities	(94)	(85)	(279)	(259)
Total net income allocated to participating securities	(94)	(85)	(279)	(259)
Less net income allocated to preferred stockholders:
Preferred stock dividends	(818)	(818)	(2,454)	(4,694)
Preferred stock redemption charge	—	—	—	(3,566)
Total net income allocated to preferred stockholders	(818)	(818)	(2,454)	(8,260)
Income from continuing operations available to common
stockholders	11,583	11,497	35,770	28,251
Discontinued operations:
Loss from discontinued operations	—	(25)	—	(75)
Gain on sale of assets, net	—	—	16	—
Total net (loss) gain from discontinued operations	—	(25)	16	(75)
Net income available to common stockholders	11,583	11,472	35,786	28,176
Effect of dilutive securities:
Convertible preferred securities	—	—	—	—
Net income for diluted net income per share	$11,583	$11,472	$35,786	$28,176
Shares for basic net income per share	30,253	30,137	30,219	28,874
Effect of dilutive securities:
Stock options	40	19	44	28
Convertible preferred securities	—	—	—	—
Shares for diluted net income per share	30,293	30,156	30,263	28,902
Basic net income per share	$0.38	$0.38	$1.18	$0.98
Diluted net income per share (1)	$0.38	$0.38	$1.18	$0.97

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