EARNINGS PER COMMON SHARE

6 Months Ended

Jun. 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 June 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 six months ended June 30, 2012, but would be dilutive and therefore are included in the computation of diluted earnings per share for the three and six months ended June 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				Six Months Ended
	June 30,				June 30,
(dollars in thousands, except per share amounts)	2012		2011		2012		2011
Numerator
Income from continuing operations	$	6,517	$	4,220	$	10,477	$	12,378
Less: net income attributable to participating securities	131		173		215		186
Income from continuing operations net of income attributable to participating securities	6,386		4,047		10,262		12,192
Effect of dilutive securities:
Preferred OP Unit distributions	—		5		—		9
Numerator for diluted earnings per Common Share	$	6,386	$	4,052	$	10,262	$	12,201
Denominator
Weighted average shares for basic earnings per share	44,245		40,334		43,491		40,326
Effect of dilutive securities:
Employee Restricted Share Units and share options	429		274		419		256
Convertible Preferred OP Units	—		25		—		25
Dilutive potential Common Shares	429		299		419		281
Denominator for diluted earnings per share	44,674		40,633		43,910		40,607
Basic earnings per Common Share from continuing operations attributable to Common Shareholders	$	0.14	$	0.10	$	0.23	$	0.30
Diluted earnings per Common Share from continuing operations attributable to Common Shareholders	$	0.14	$	0.10	$	0.23	$	0.30