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Earnings Per Share of the Company (Notes) (Tanger Factory Outlet Centers, Inc)
9 Months Ended
Sep. 30, 2011
Tanger Factory Outlet Centers, Inc
 
Earnings Per Share [Text Block]
Earnings Per Share of the Company
The following table sets forth a reconciliation of the numerators and denominators in computing the Company's earnings per share for the three and nine months ended September 30, 2011 and 2010, respectively (in thousands, except per share amounts):
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
 
2011
 
2010
 
2011
 
2010
 
Numerator
 
 
 
 
 
 
 
 
 
Income from continuing operations attributable to the Company
 
$
12,464

 
$
13,089

 
$
31,284

 
$
20,750

 
Less applicable preferred share dividends
 
—

 
(1,406
)
 
—

 
(4,219
)
 
Less allocation of earnings to participating securities
 
(164
)
 
(142
)
 
(521
)
 
(454
)
 
Income from continuing operations available to common shareholders of the Company
 
12,300

 
11,541

 
30,763

 
16,077

 
Discontinued operations attributable to the Company
 
—

 
(90
)
 
—

 
(90
)
 
Net income available to common shareholders of the Company
 
$
12,300

 
$
11,451

 
$
30,763

 
$
15,987

 
Denominator
 
 
 
 
 
 
 
 
 
Basic weighted average common shares
 
85,171

 
80,225

 
82,020

 
80,164

 
Effect of notional units
 
631

 
—

 
631

 
—

 
Effect of senior exchangeable notes
 
118

 
93

 
118

 
93

 
Effect of outstanding options
 
72

 
84

 
73

 
94

 
Diluted weighted average common shares
 
85,992

 
80,402

 
82,842

 
80,351

 
Basic earnings per common share:
 
 
 
 
 
 
 
 
 
Income from continuing operations
 
$
0.14

 
$
0.14

 
$
0.38

 
$
0.20

 
Discontinued operations
 
—

 
—

 
—

 
—

 
Net income
 
$
0.14

 
$
0.14

 
$
0.38

 
$
0.20

 
Diluted earnings per common share:
 
 
 
 
 
 
 
 
 
Income from continuing operations
 
$
0.14

 
$
0.14

 
$
0.37

 
$
0.20

 
Discontinued operations
 
—

 
—

 
—

 
—

 
Net income
 
$
0.14

 
$
0.14

 
$
0.37

 
$
0.20

 

The notional units are considered contingently issuable common shares and are included in earnings per share if the effect is dilutive using the treasury stock method.
Outstanding senior, exchangeable notes were included in the diluted earnings per share computation, if the effect was dilutive, using the treasury stock method.  In applying the treasury stock method, the effect was dilutive if the average market price of our common shares for at least 20 trading days in the 30 consecutive trading days at the end of each quarter were higher than the exchange price of $17.83 per share. There were no outstanding senior, exchangeable notes as of September 30, 2011.
The computation of diluted earnings per share excludes options to purchase common shares when the exercise price is greater than the average market price of the common shares for the period.  For the three and nine months ended September 30, 2011, respectively, 185,000 options were excluded from the computation. No options were excluded from the computation for the three and nine months ended September 30, 2010.  The assumed exchange of the partnership units held by the noncontrolling interest limited partner as of the beginning of the year, which would result in the elimination of earnings allocated to the noncontrolling interest in the Operating Partnership, would have no impact on earnings per share since the allocation of earnings to a partnership unit, as if exchanged, is equivalent to earnings allocated to a common share.
The Company's unvested restricted share awards contain non-forfeitable rights to dividends or dividend equivalents. The impact of the unvested restricted share awards on earnings per share has been calculated using the two-class method whereby earnings are allocated to the unvested restricted share awards based on dividends declared and the unvested restricted shares' participation rights in undistributed earnings.