Per Share Data

9 Months Ended

Sep. 30, 2011

Per Share Data

Per Share Data

3. Per Share Data

Basic earnings per share are computed using net income attributable to common shareholders and the weighted average number of common shares outstanding. Diluted earnings per share reflect common shares issuable from the assumed conversion of common share options and share awards granted and units convertible into common shares. Only those items having a dilutive impact on our basic earnings per share are included in diluted earnings per share. Our unvested share-based awards are considered participating securities and are reflected in the calculation of basic and diluted earnings per share using the two-class method. The number of common share equivalent securities excluded from the diluted earnings per share calculation was approximately 3.7 million and 4.7 million for the three months ended September 30, 2011 and 2010, respectively, and was approximately 4.1 million and 5.0 million for the nine months ended September 30, 2011 and 2010, respectively. These securities, which include common share options and share awards granted and units convertible into common shares, were excluded from the diluted earnings per share calculation as they are anti-dilutive.

The following table presents information necessary to calculate basic and diluted earnings per share for the three and nine months ended September 30, 2011 and 2010:

	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands, except per share amounts)	2011			2010			2011			2010
Earnings per share calculation – basic
Income from continuing operations attributable to common shareholders	$	11,840		$	569		$	2,529		$	3,326
Amount allocated to participating securities		(154	)		(24	)		(118	)		(94	)
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities		11,686			545			2,411			3,232
Income from discontinued operations attributable to common shareholders		—			1,081			—			2,743
Net income attributable to common shareholders, as adjusted	$	11,686		$	1,626		$	2,411		$	5,975
Income from continuing operations attributable to common shareholders, as adjusted – per share	$	0.16		$	0.01		$	0.03		$	0.05
Income from discontinued operations attributable to common shareholders – per share		—			0.01			—			0.04
Net income attributable to common shareholders, as adjusted – per share	$	0.16		$	0.02		$	0.03		$	0.09
Weighted average number of common shares outstanding – basic		73,242			69,100			72,502			67,898
Earnings per share calculation – diluted
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities	$	11,686		$	545		$	2,411		$	3,232
Income allocated to common units		8			—			—			—
Income from continuing operations attributable to common shareholders, as adjusted		11,694			545			2,411			3,232
Income from discontinued operations attributable to common shareholders		—			1,081			—			2,743
Net income attributable to common shareholders, as adjusted	$	11,694		$	1,626		$	2,411		$	5,975
Income from continuing operations attributable to common shareholders, as adjusted – per share	$	0.16		$	0.01		$	0.03		$	0.05
Income from discontinued operations attributable to common shareholders – per share		—			0.01			—			0.04
Net income attributable to common shareholders, as adjusted – per share	$	0.16		$	0.02		$	0.03		$	0.09
Weighted average number of common shares outstanding – basic		73,242			69,100			72,502			67,898
Incremental shares issuable from assumed conversion of:
Common share options and share awards granted		793			341			715			271
Common units		239			—			—			—
Weighted average number of common shares outstanding – diluted		74,274			69,441			73,217			68,169