Operating Partnership Earnings Per Share

12 Months Ended

Dec. 31, 2011

Operating Partnership Earnings Per Share

6. COMPANY EARNINGS PER SHARE

In 2011, 2010 and 2009, a reconciliation of the numerator and denominator used in the computation of basic and diluted income (loss) from continued operations available to common shareholders of the Company was as follows:

	Year ended December 31,
	2011			2010			2009
Income (loss) from continuing operations available to common shareholders (numerator):
Income (loss) from continuing operations	$	25,595		$	(6,991	)	$	(95,727	)
Noncontrolling interests - consolidated real estate entities		(67	)		(20	)		8,218
Noncontrolling interests - Operating Partnership		(62	)		51			452
Preferred stock dividends		(4,455	)		(7,503	)		(7,637	)
Preferred stock redemption costs		(1,757	)		(44	)		-
Unvested restricted stock (allocation of earnings)		(59	)		65			29
Income (loss) from continuing operations available to common shareholders	$	19,195		$	(14,442	)	$	(94,665	)
Common shares (denominator):
Weighted average shares outstanding - basic		50,420			48,483			45,179
Dilutive shares from stock options		388			-			-
Weighted average shares outstanding - diluted		50,808			48,483			45,179
Per-share amount:
Basic	$	0.38		$	(0.30	)	$	(2.10	)
Diluted	$	0.38		$	(0.30	)	$	(2.10	)

Stock options to purchase 531, 1,916 and 2,516 shares of common stock in 2011, 2010 and 2009, respectively, were excluded from the computation of diluted earnings (loss) per common share as these stock options were antidilutive.

Post Apartment Homes, L.P. [Member]

Operating Partnership Earnings Per Share

7. OPERATING PARTNERSHIP EARNINGS PER SHARE

In 2011, 2010 and 2009, a reconciliation of the numerator and denominator used in the computation of basic and diluted income (loss) from continuing operations available to common unitholders of the Operating Partnership was as follows:

	Year ended December 31,
	2011			2010			2009
Income (loss) from continuing operations available to common unitholders (numerator):
Income (loss) from continuing operations	$	25,595		$	(6,991	)	$	(95,727	)
Noncontrolling interests - consolidated real estate entities		(67	)		(20	)		8,218
Preferred unit distributions		(4,455	)		(7,503	)		(7,637	)
Preferred unit redemption costs		(1,757	)		(44	)		-
Unvested restricted stock (allocation of earnings)		(59	)		65			29
Income (loss) from continuing operations available to common unitholders	$	19,257		$	(14,493	)	$	(95,117	)
Common units (denominator):
Weighted average units outstanding - basic		50,584			48,655			45,382
Dilutive units from stock options		388			-			-
Weighted average units outstanding - diluted		50,972			48,655			45,382
Per-unit amount:
Basic	$	0.38		$	(0.30	)	$	(2.10	)
Diluted	$	0.38		$	(0.30	)	$	(2.10	)

Stock options to purchase 531, 1,916 and 2,516 shares of common stock in 2011, 2010 and 2009, respectively, were excluded from the computation of diluted earnings (loss) per common unit as these stock options were antidilutive.