Earnings per Share

9 Months Ended

Sep. 30, 2013

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,
	2013	2012	2013	2012
Income from continuing operations	$14,429	$12,251	$40,755	$37,785
Less net income allocated to non-controlling interests	—	(9)	—	(30)
Less net income allocated to participating securities:
Nonforfeitable dividends on participating securities	(93)	(94)	(282)	(279)
Allocation of undistributed income to participating securities	(2)	—	(2)	—
Total net income allocated to participating securities	(95)	(94)	(284)	(279)
Less net income allocated to preferred stockholders:
Preferred stock dividends	(818)	(818)	(2,454)	(2,454)
Total net income allocated to preferred stockholders	(818)	(818)	(2,454)	(2,454)
Income from continuing operations available to common stockholders
	13,516	11,330	38,017	35,022
Discontinued operations:
Net income from discontinued operations	238	253	805	748
Gain on sale of assets, net	2,619	—	1,605	16
Total net income from discontinued operations	2,857	253	2,410	764
Net income available to common stockholders	16,373	11,583	40,427	35,786
Effect of dilutive securities:
Convertible preferred securities	818	—	2,454	—
Net income for diluted net income per share	$17,191	$11,583	$42,881	$35,786
Shares for basic net income per share	34,553	30,253	32,625	30,219
Effect of dilutive securities:
Stock options	27	40	32	44
Convertible preferred securities	2,000	—	2,000	—
Shares for diluted net income per share	36,580	30,293	34,657	30,263
Basic net income per share	$0.47	$0.38	$1.24	$1.18
Diluted net income per share (1)	$0.47	$0.38	$1.24	$1.18

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(1) For the three and nine months ended September 30, 2013, 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. For the three and nine months ended September 30, 2012, 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.