Earnings Per Share and Earnings Per Unit (Tables)

9 Months Ended

Sep. 30, 2011

Earnings Per Share and Earnings Per Unit [Abstract]

Computation of net income per share - basic and net income per share - diluted

	Nine Months Ended September 30,						Quarter Ended September 30,
	2011			2010			2011			2010
Numerator for net income per share – basic:
Income (loss) from continuing operations	$	47,908		$	(32,667	)	$	35,491		$	(295	)
Allocation to Noncontrolling Interests – Operating Partnership, net		(1,648	)		2,042			(1,371	)		173
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties		(418	)		623			(387	)		188
Preferred distributions		(10,399	)		(10,855	)		(3,466	)		(3,617	)
Income (loss) from continuing operations available to Common Shares, net of Noncontrolling Interests		35,443			(40,857	)		30,267			(3,551	)
Discontinued operations, net of Noncontrolling Interests		745,261			124,229			74,115			28,717
Numerator for net income per share – basic	$	780,704		$	83,372		$	104,382		$	25,166
Numerator for net income per share – diluted (1):
Income from continuing operations	$	47,908					$	35,491
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties		(418	)					(387	)
Preferred distributions		(10,399	)					(3,466	)
Income from continuing operations available to Common Shares		37,091						31,638
Discontinued operations, net		779,888						77,486
Numerator for net income per share – diluted (1)	$	816,979		$	83,372		$	109,124		$	25,166
Denominator for net income per share – basic and diluted (1):
Denominator for net income per share – basic		294,474			281,867			295,831			282,717
Effect of dilutive securities:
OP Units		13,231						13,053
Long-term compensation shares/units		4,203						3,960
Denominator for net income per share – diluted (1)		311,908			281,867			312,844			282,717
Net income per share – basic	$	2.65		$	0.30		$	0.35		$	0.09
Net income per share – diluted	$	2.62		$	0.30		$	0.35		$	0.09
Net income per share – basic:
Income (loss) from continuing operations available to Common Shares, net of Noncontrolling Interests	$	0.120		$	(0.145	)	$	0.102		$	(0.013	)
Discontinued operations, net of Noncontrolling Interests		2.531			0.441			0.251			0.102
Net income per share – basic	$	2.651		$	0.296		$	0.353		$	0.089
Net income per share – diluted (1):
Income (loss) from continuing operations available to Common Shares	$	0.119		$	(0.145	)	$	0.101		$	(0.013	)
Discontinued operations, net		2.500			0.441			0.248			0.102
Net income per share – diluted	$	2.619		$	0.296		$	0.349		$	0.089

(1) Potential common shares issuable from the assumed conversion of OP Units and the exercise/vesting of long-term compensation shares/units are automatically anti-dilutive and therefore excluded from the diluted earnings per share calculation as the Company had a loss from continuing operations for the nine months and quarter ended September 30, 2010.

Computation of net income per Unit - basic and net income per Unit - diluted

	Nine Months Ended September 30,						Quarter Ended September 30,
	2011			2010			2011			2010
Numerator for net income per Unit – basic and diluted (1):
Income (loss) from continuing operations	$	47,908		$	(32,667	)	$	35,491		$	(295	)
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties		(418	)		623			(387	)		188
Allocation to Preference Units		(10,399	)		(10,855	)		(3,466	)		(3,617	)
Income (loss) from continuing operations available to Units		37,091			(42,899	)		31,638			(3,724	)
Discontinued operations, net		779,888			130,438			77,486			30,121
Numerator for net income per Unit – basic and diluted (1)	$	816,979		$	87,539		$	109,124		$	26,397
Denominator for net income per Unit – basic and diluted (1):
Denominator for net income per Unit – basic		307,705			295,572			308,884			296,348
Effect of dilutive securities:
Dilution for Units issuable upon assumed exercise/vesting of the Company’s long-term compensation shares/units		4,203						3,960
Denominator for net income per Unit – diluted (1)		311,908			295,572			312,844			296,348
Net income per Unit – basic	$	2.65		$	0.30		$	0.35		$	0.09
Net income per Unit – diluted	$	2.62		$	0.30		$	0.35		$	0.09
Net income per Unit – basic:
Income (loss) from continuing operations available to Units	$	0.120		$	(0.145	)	$	0.102		$	(0.013	)
Discontinued operations, net		2.531			0.441			0.251			0.102
Net income per Unit – basic	$	2.651		$	0.296		$	0.353		$	0.089
Net income per Unit – diluted (1):
Income (loss) from continuing operations available to Units	$	0.119		$	(0.145	)	$	0.101		$	(0.013	)
Discontinued operations, net		2.500			0.441			0.248			0.102
Net income per Unit – diluted	$	2.619		$	0.296		$	0.349		$	0.089

(1) Potential Units issuable from the assumed exercise/vesting of the Company’s long-term compensation shares/units are automatically anti-dilutive and therefore excluded from the diluted earnings per Unit calculation as the Operating Partnership had a loss from continuing operations for the nine months and quarter ended September 30, 2010.