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Earnings Per Share
 9 Months Ended
Sep. 30, 2012
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share

The Company's non-vested share-based payment awards are considered participating securities and as such, the Company is required to use the two-class method for the computation of basic and diluted earnings per share. Under the two-class computation method, net losses are not allocated to participating securities unless the holder of the security has a contractual obligation to share in the losses. The non-vested share-based payment awards are not allocated losses as the awards do not have a contractual obligation to share in losses of the Company.
The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for the three and nine months ended September 30, 2012 and 2011:
 
Three months ended September 30,
 
Nine months ended September 30,
 
2012
 
2011
 
2012
 
2011
BASIC
 
 
 
 
 
 
 
Income (loss) from continuing operations attributable to common shareholders
$
163,417

 
$
(22,448
)
 
$
162,893

 
$
(54,911
)
Income (loss) from discontinued operations attributable to common shareholders
5,533

 
(14,600
)
 
686

 
(56,314
)
Net income (loss) attributable to common shareholders
$
168,950

 
$
(37,048
)
 
$
163,579

 
$
(111,225
)
Weighted-average number of common shares outstanding
154,980,137

 
157,205,530

 
154,564,041

 
151,676,401

Income (loss) per common share:
 

 
 

 
 

 
 

Income (loss) from continuing operations
$
1.05

 
$
(0.14
)
 
$
1.05

 
$
(0.36
)
Income (loss) from discontinued operations
0.04

 
(0.10
)
 
0.01

 
(0.37
)
Net income (loss) attributable to common shareholders
$
1.09

 
$
(0.24
)
 
$
1.06

 
$
(0.73
)
 
 
 
 
 
 
 
 
DILUTED
 
 
 
 
 
 
 
Income (loss) from continuing operations attributable to common shareholders
$
163,417

 
$
(22,448
)
 
$
162,893

 
$
(54,911
)
Impact of assumed conversions:
 
 
 
 
 
 
 
Share Options
—

 
—

 
—

 
—

Operating Partnership Units
475

 
—

 
913

 
—

6% Convertible Guaranteed Notes
2,327

 
—

 
6,980

 
—

Series C Preferred shares
1,573

 
—

 
4,489

 
—

Income (loss) from continuing operations attributable to common shareholders
167,792

 
(22,448
)
 
175,275

 
(54,911
)
Income (loss) from discontinued operations attributable to common shareholders
5,533

 
(14,600
)
 
686

 
(56,314
)
Net income (loss) attributable to common shareholders
$
173,325

 
$
(37,048
)
 
$
175,961

 
$
(111,225
)
 
 
 
 
 
 
 
 
Weighted-average common shares outstanding - basic
154,980,137

 
157,205,530

 
154,564,041

 
151,676,401

Effect of dilutive securities:
 
 
 
 
 
 
 
Share Options
344,721

 
—

 
279,699

 
—

Operating Partnership Units
4,400,389

 
—

 
4,479,451

 
—

6% Convertible Guaranteed Notes
16,419,347

 
—

 
16,412,836

 
—

Series C Preferred shares
4,710,570

 
—

 
4,713,043

 
—

Weighted-average common shares outstanding
180,855,164

 
157,205,530

 
180,449,070

 
151,676,401

 
 
 
 
 
 
 
 
Income (loss) per common share:
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
0.93

 
$
(0.14
)
 
$
0.97

 
$
(0.36
)
Income (loss) from discontinued operations
0.03

 
(0.10
)
 
0.01

 
(0.37
)
Net income (loss) attributable to common shareholders
$
0.96

 
$
(0.24
)
 
$
0.98

 
$
(0.73
)

For per common share amounts, all incremental shares are considered anti-dilutive for periods that have a loss from continuing operations attributable to common shareholders. In addition, other common share equivalents may be anti-dilutive in certain periods.

During the nine months ended September 30, 2012, the Company redeemed all outstanding shares of its 8.05% Series B Cumulative Redeemable Preferred Stock at par plus all accrued and unpaid dividends, for an aggregate redemption cost of $69,459. The redemption generated a $2,346 deemed dividend. Accordingly, net income was adjusted for this deemed dividend to arrive at net income attributable to common shareholders.

During the nine months ended September 30, 2012 and 2011, the Company repurchased and retired 34,800 and 33,896 shares, respectively, of its 6.50% Series C Cumulative Convertible Preferred Stock at an aggregate discount of $229 and $215, respectively, to the historical cost basis. These discounts constitute deemed negative dividends, offsetting other dividends, and are accretive to common shareholders. Accordingly, net income (loss) was adjusted for these dividends to arrive at net income (loss) attributable to common shareholders.