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EARNINGS PER COMMON SHARE
 9 Months Ended
Sep. 30, 2012
Earnings Per Share [Abstract]  
Earnings Per Common Share
EARNINGS PER COMMON SHARE

Basic earnings per Common Share is computed by dividing net income attributable to Common Shareholders by the weighted average Common Shares outstanding. At September 30, 2012, the Company has unvested LTIP Units (Note 13) which provide for non-forfeitable rights to dividend equivalent payments. Accordingly, these unvested LTIP Units are considered participating securities and are included in the computation of basic earnings per Common Share pursuant to the two-class method.

Diluted earnings per Common Share reflects the potential dilution of the conversion of obligations and the assumed exercises of securities including the effects of restricted share unit (“Restricted Share Units”) and share option awards issued under the Company's Share Incentive Plans (Note 13). The effect of the assumed conversion of 188 Series A Preferred OP Units into 25,067 Common Shares would be anti-dilutive and are therefore not included in the computation of diluted earnings per share for the three and nine months ended September 30, 2012 and for the three months ended September 30, 2011, but would be dilutive and therefore are included in the computation of diluted earnings per share for the nine months ended September 30, 2011.

The effect of the conversion of Common OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Common Shares on a one-for-one basis. The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share. The conversion of the convertible notes payable (Note 9) is not included in the computation of basic and diluted earnings per share as such conversion, based on the current market price of the Common Shares, would be settled with cash.




















2.
EARNINGS PER COMMON SHARE (continued)

The following table sets forth the computation of basic and diluted earnings per share from continuing operations for the periods indicated:
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
(dollars in thousands, except per share amounts)
2012
 
2011
 
2012
 
2011
Numerator
 
 
 
 
 
 
 
Income from continuing operations
$
6,265

 
$
3,769

 
$
16,665

 
$
16,057

Less: net income attributable to participating securities
127

 
164

 
336

 
122

Income from continuing operations net of income attributable to participating securities
6,138

 
3,605

 
16,329

 
15,935

Effect of dilutive securities:
 
 
 
 
 
 
 
Preferred OP Unit distributions
—

 
—

 
—

 
14

Numerator for diluted earnings per Common Share
$
6,138

 
$
3,605

 
$
16,329

 
$
15,949

 
 
 
 
 
 
 
 
Denominator
 

 
 

 
 

 
 

Weighted average shares for basic earnings per share
46,338

 
40,340

 
44,447

 
40,330

Effect of dilutive securities:
 

 
 

 
 

 
 

Employee Restricted Share Units and share options
435

 
289

 
424

 
267

Convertible Preferred OP Units
—

 
—

 
—

 
25

Dilutive potential Common Shares
435

 
289

 
424

 
292

Denominator for diluted earnings per share
46,773

 
40,629

 
44,871

 
40,622

Basic earnings per Common Share from continuing operations attributable to Common Shareholders
$
0.13

 
$
0.09

 
$
0.37

 
$
0.40

Diluted earnings per Common Share from continuing operations attributable to Common Shareholders
$
0.13

 
$
0.09

 
$
0.37

 
$
0.40