Company Earnings Per Share

6 Months Ended

Jun. 30, 2012

Company Earnings Per Share

6. COMPANY EARNINGS PER SHARE

For the three and six months ended June 30, 2012 and 2011, a reconciliation of the numerator and denominator used in the computation of basic and diluted net income per share was as follows:

	Three months ended June 30,								Six months ended June 30,
	2012				2011				2012				2011
Net income attributable to common shareholders (numerator):
Net income		$	21,170				9,834			$	43,035			$	12,847
Noncontrolling interests - consolidated real estate entities			(35	)			(58	)			(41	)			(47	)
Noncontrolling interests - Operating Partnership			(56	)			(30	)			(115	)			(29	)
Preferred stock dividends			(922	)			(922	)			(1,844	)			(2,611	)
Preferred stock redemption costs			—				—				—				(1,757	)
Unvested restricted stock (allocation of earnings)			(48	)			(29	)			(94	)			(26	)
Net income (loss) available to common shareholders		$	20,109			$	8,795			$	40,941			$	8,377
Common shares (denominator):
Weighted average shares outstanding - basic			53,773				49,875				53,430				49,460
Dilutive shares from stock options			323				391				369				394
Weighted average shares outstanding - diluted			54,096				50,266				53,799				49,854
Per-share amount:
Basic		$	0.37			$	0.18			$	0.77			$	0.17
Diluted		$	0.37			$	0.17			$	0.76			$	0.17

Stock options to purchase 195 and 533 shares of common stock for the three months and 195 and 533 for the six months ended June 30, 2012 and 2011, respectively, were excluded from the computation of diluted earnings per common share as these stock options were antidilutive.

Post Apartment Homes, L.P. [Member]

Company Earnings Per Share

7. OPERATING PARTNERSHIP EARNINGS PER UNIT

For the three and six months ended June 30, 2012 and 2011, a reconciliation of the numerator and denominator used in the computation of basic and diluted net income per unit was as follows:

	Three months ended June 30,						Six months ended June 30,
	2012			2011			2012			2011
Net income available to common unitholders (numerator):
Net income		$	21,170		$	9,834		$	43,035		$	12,847
Noncontrolling interests - consolidated real estate entities			(35)			(58)			(41)			(47)
Preferred unit distributions			(922)			(922)			(1,844)			(2,611)
Preferred unit redemption costs			-			-			-			(1,757)
Unvested restricted stock (allocation of earnings)			(48)			(29)			(94)			(26)
Net income (loss) available to common unitholders		$	20,165		$	8,825		$	41,056		$	8,406
Common units (denominator):
Weighted average units outstanding - basic			53,923			50,044			53,581			49,630
Dilutive units from stock options			323			391			369			394
Weighted average units outstanding - diluted			54,246			50,435			53,950			50,024
Per-unit amount:
Basic		$	0.37		$	0.18		$	0.77		$	0.17
Diluted		$	0.37		$	0.17		$	0.76		$	0.17

Stock options to purchase 195 and 533 shares of common stock for the three months and 195 and 533 for the six months ended June 30, 2012 and 2011, respectively, were excluded from the computation of diluted earnings per common unit as these stock options were antidilutive.