Operating Partnership Earnings Per Share

3 Months Ended

Mar. 31, 2012

Operating Partnership Earnings Per Share

6. COMPANY EARNINGS PER SHARE

For the three months ended March 31, 2012 and 2011, a reconciliation of the numerator and denominator used in the computation of basic and diluted net income (loss) per share was as follows:

	Three months ended March 31,
	2012				2011
Net income attributable to common shareholders (numerator):
Net income		$	21,865			$	3,013
Noncontrolling interests - consolidated real estate entities			(6	)			11
Noncontrolling interests - Operating Partnership			(59	)			1
Preferred stock dividends			(922	)			(1,689	)
Preferred stock redemption costs			—				(1,757	)
Unvested restricted stock (allocation of earnings)			(46	)			2
Net income (loss) available to common shareholders		$	20,832			$	(419	)
Common shares (denominator):
Weighted average shares outstanding - basic			53,087				49,041
Dilutive shares from stock options			406				—
Weighted average shares outstanding - diluted			53,493				49,041
Per-share amount:
Basic		$	0.39			$	(0.01	)
Diluted		$	0.39			$	(0.01	)

Stock options to purchase 264 and 1,705 shares of common stock for the three months ended March 31, 2012 and 2011, 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 UNIT

For the three months ended March 31, 2012 and 2011, a reconciliation of the numerator and denominator used in the computation of basic and diluted net income (loss) per unit was as follows:

	Three months ended March 31,
	2012				2011
Net income available to common unitholders (numerator):
Net income		$	21,865			$	3,013
Noncontrolling interests - consolidated real estate entities			(6	)			11
Preferred unit distributions			(922	)			(1,689	)
Preferred unit redemption costs			-				(1,757	)
Unvested restricted stock (allocation of earnings)			(46	)			2
Net income (loss) available to common unitholders		$	20,891			$	(420	)
Common units (denominator):
Weighted average units outstanding - basic			53,239				49,212
Dilutive units from stock options			406				-
Weighted average units outstanding - diluted			53,645				49,212
Per-unit amount:
Basic		$	0.39			$	(0.01	)
Diluted		$	0.39			$	(0.01	)

Stock options to purchase 264 and 1,705 shares of common stock for the three months ended March 31, 2012 and 2011, respectively, were excluded from the computation of diluted earnings (loss) per common unit as these stock options were antidilutive.