COMPANY EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2012

Schedule of Computation of Basic and Diluted Net Income Per Share

In 2012, 2011 and 2010, 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,
	2012			2011			2010
Net income (loss) attributable to common shareholders (numerator):
Net income (loss)	$	84,291		$	25,595		$	(6,991	)
Noncontrolling interests - consolidated real estate entities		(135	)		(67	)		(20	)
Noncontrolling interests - Operating Partnership		(217	)		(62	)		51
Preferred stock dividends		(3,688	)		(4,455	)		(7,503	)
Preferred stock redemption costs		-			(1,757	)		(44	)
Unvested restricted stock (allocation of earnings)		(186	)		(59	)		65
Net income (loss) available to common shareholders	$	80,065		$	19,195		$	(14,442)
Common shares (denominator):
Weighted average shares outstanding - basic		53,821			50,420			48,483
Dilutive shares from stock options		310			388			-
Weighted average shares outstanding - diluted		54,131			50,808			48,483
Per-share amount:
Basic	$	1.49		$	0.38		$	(0.30	)
Diluted	$	1.48		$	0.38		$	(0.30)

Apartment LLCs [Member]

Schedule of Computation of Basic and Diluted Net Income Per Share

In 2012, 2011 and 2010, 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,
	2012			2011			2010
Net income (loss) available to common unitholders (numerator):
Net income (loss)	$	84,291		$	25,595		$	(6,991	)
Noncontrolling interests - consolidated real estate entities		(135	)		(67	)		(20	)
Preferred unit distributions		(3,688	)		(4,455	)		(7,503	)
Preferred unit redemption costs		-			(1,757	)		(44	)
Unvested restricted stock (allocation of earnings)		(186	)		(59	)		65
Net income (loss) available to common unitholders	$	80,282		$	19,257		$	(14,493)
Common units (denominator):
Weighted average units outstanding - basic		53,968			50,584			48,655
Dilutive units from stock options		310			388			-
Weighted average units outstanding - diluted		54,278			50,972			48,655
Per-unit amount:
Basic	$	1.49		$	0.38		$	(0.30	)
Diluted	$	1.48		$	0.38		$	(0.30	)