COMPANY QUARTERLY FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2012

COMPANY QUARTERLY FINANCIAL INFORMATION

17. COMPANY QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

Quarterly financial information in 2012 and 2011 was as follows:

	Year ended December 31, 2012
	First			Second			Third			Fourth
Revenues	$	80,276		$	82,160		$	86,374		$	86,101
Net income		21,865			21,170			22,322			18,934
Noncontrolling interests		(65	)		(91	)		(115	)		(81	)
Dividends to preferred shareholders		(922	)		(922	)		(922	)		(922	)
Net income available to common shareholders	$	20,878		$	20,157		$	21,285		$	17,931
Earnings per common share:
Net income available to common shareholders – basic	$	0.39		$	0.37		$	0.39		$	0.33
Net income available to common shareholders – diluted	$	0.39		$	0.37		$	0.39		$	0.33

	Year ended December 31, 2011
	First			Second			Third			Fourth
Revenues	$	73,531		$	75,424		$	78,612		$	77,749
Net income		3,013			9,834			8,828			3,920
Noncontrolling interests		12			(88	)		(34	)		(19	)
Dividends to preferred shareholders		(1,689	)		(922	)		(922	)		(922	)
Preferred stock redemption costs		(1,757	)		-			-			-
Net income (loss) available to common shareholders	$	(421	)	$	8,824		$	7,872		$	2,979
Earnings (loss) per common share:
Net income (loss) available to common shareholders – basic	$	(0.01	)	$	0.18		$	0.15		$	0.06
Net income (loss) available to common shareholders – diluted	$	(0.01	)	$	0.17		$	0.15		$	0.06

In the first quarter of 2012, the Company recognized a gain of on the sale of an apartment community held in unconsolidated entity. In the fourth quarter of 2012, the reduction in net income available to common shareholders primarily resulted from a loss on the early extinguishment of indebtedness. In the fourth quarter of 2011, the reduction in net income available to common shareholders primarily resulted from a loss on the early extinguishment of indebtedness.