EARNINGS PER COMMON SHARE

9 Months Ended

Sep. 30, 2013

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, 2013, 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, 2013 and September 30, 2012.

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.

The following table sets forth the computation of basic and diluted earnings per share from continuing operations for the periods indicated:

2. EARNINGS PER COMMON SHARE (continued)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(dollars in thousands, except per share amounts)	2013		2012		2013		2012
Numerator
Income from continuing operations	$	8,858	$	5,802	$	26,033	$	14,812
Less: net income attributable to participating securities	156		118		460		298
Income from continuing operations, net of income attributable to participating securities	8,702		5,684		25,573		14,514
Numerator for basic and diluted earnings per Common Share	$	8,702	$	5,684	$	25,573	$	14,514
Denominator
Weighted average shares for basic earnings per share	55,460		46,338		54,686		44,447
Effect of dilutive securities:
Employee Restricted Share Units and share options	358		474		406		437
Denominator for diluted earnings per share	55,818		46,812		55,092		44,884
Basic earnings per Common Share from continuing operations attributable to Common Shareholders	$	0.16	$	0.12	$	0.47	$	0.33
Diluted earnings per Common Share from continuing operations attributable to Common Shareholders	$	0.16	$	0.12	$	0.47	$	0.33