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Earnings Per Share of the Company (Tanger Factory Outlet Centers, Inc [Member])
 9 Months Ended
Sep. 30, 2012
Tanger Factory Outlet Centers, Inc [Member]
  
Earnings Per Share of the Company
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 (in thousands, except per share data):
 
 
Three months ended September 30,
 
Nine months ended September 30,
 
 
2012
 
2011
 
2012
 
2011
Numerator
 
 
 
 
 
 
 
 
Net income attributable to Tanger Factory Outlet Centers, Inc.
 
$
15,327

 
$
12,464

 
$
35,172

 
$
31,284

Less allocation of earnings to participating securities
 
(209
)
 
(164
)
 
(576
)
 
(521
)
Net income available to common shareholders of Tanger Factory Outlet Centers, Inc.
 
$
15,118

 
$
12,300

 
$
34,596

 
$
30,763

Denominator
 
 
 
 
 
 
 
 
Basic weighted average common shares
 
92,674

 
85,171

 
91,359

 
82,020

Effect of notional units
 
880

 
631

 
865

 
631

Effect of senior exchangeable notes
 
—

 
118

 
—

 
118

Effect of outstanding options
 
93

 
72

 
78

 
73

Diluted weighted average common shares
 
93,647

 
85,992

 
92,302

 
82,842

Basic earnings per common share:
 
 
 
 
 
 
 
 
Net income
 
$
0.16

 
$
0.14

 
$
0.38

 
$
0.38

Diluted earnings per common share:
 
 
 
 
 
 
 
 
Net income
 
$
0.16

 
$
0.14

 
$
0.37

 
$
0.37


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, which prior to redemption was $17.83 per share. There were no outstanding senior, exchangeable notes as of September 30, 2012.
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 months ended September 30, 2012, no options were excluded from the computation. For the three months ended September 30, 2011, 185,000 options were excluded from the computation. For the nine months ended September 30, 2012 and 2011, 167,800 and 185,000 options, respectively, were excluded from the computation. The assumed exchange of the partnership units held by the Family Limited Partners 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.
Certain of the Company's unvested restricted common share awards contain non-forfeitable rights to dividends or dividend equivalents. The impact of the unvested restricted common share awards on earnings per share has been calculated using the two-class method whereby earnings are allocated to the unvested restricted common share awards based on dividends declared and the unvested restricted common shares' participation rights in undistributed earnings.