XML 90 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Earnings Per Share
 12 Months Ended
Dec. 31, 2012
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share

A significant portion of 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 each of the years in the three-year period ended December 31, 2012:
 
2012
 
2011
 
2010
BASIC
 
 
 
 
 
Income (loss) from continuing operations attributable to common shareholders
$
152,808

 
$
(44,703
)
 
$
(37,008
)
Income (loss) from discontinued operations attributable to common shareholders
4,041

 
(59,018
)
 
(21,088
)
Net income (loss) attributable to common shareholders
$
156,849

 
$
(103,721
)
 
$
(58,096
)
Weighted-average number of common shares outstanding
159,109,424

 
152,473,336

 
130,985,809

Income (loss) per common share:
 

 
 
 
 

Income (loss) from continuing operations
$
0.96

 
$
(0.29
)
 
$
(0.28
)
Income (loss) from discontinued operations
0.03

 
(0.39
)
 
(0.16
)
Net income (loss) attributable to common shareholders
$
0.99

 
$
(0.68
)
 
$
(0.44
)
DILUTED:
 
 
 
 
 
Income (loss) from continuing operations attributable to common shareholders
$
152,808

 
$
(44,703
)
 
$
(37,008
)
Impact of assumed conversions:
 
 
 
 
 
Share Options
—

 
—

 
—

Operating Partnership Units
1,371

 
—

 
—

6.00% Convertible Guaranteed Notes
8,953

 
—

 
—

Income (loss) from continuing operations attributable to common shareholders
163,132

 
(44,703
)
 
(37,008
)
Income (loss) from discontinued operations attributable to common shareholders
4,041

 
(59,018
)
 
(21,088
)
Impact of assumed conversions:
 
 
 
 
 
Operating Partnership Units
(179
)
 
—

 
—

Income (loss) from discontinued operations attributable to common shareholders
3,862

 
(59,018
)
 
(21,088
)
Net income (loss) attributable to common shareholders
$
166,994

 
$
(103,721
)
 
$
(58,096
)
 
 
 
 
 
 
Weighted-average common shares outstanding - basic
159,109,424

 
152,473,336

 
130,985,809

Effect of dilutive securities:
 
 
 
 
 
Share Options
306,449

 
—

 
—

Operating Partnership Units
4,438,708

 
—

 
—

6.00% Convertible Guaranteed Notes
15,805,245

 
—

 
—

Weighted-average common shares outstanding
179,659,826

 
152,473,336

 
130,985,809

 
 
 
 
 
 
Income (loss) per common share:
 
 
 
 
 
Income (loss) from continuing operations
$
0.91

 
$
(0.29
)
 
$
(0.28
)
Income (loss) from discontinued operations
0.02

 
(0.39
)
 
(0.16
)
Net income (loss) attributable to common shareholders
$
0.93

 
$
(0.68
)
 
$
(0.44
)


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 2012 and 2011, the Company repurchased and retired an aggregate 34,800 and 125,000 shares, respectively, of 6.50% Series C Cumulative Convertible Preferred Stock ("Series C Preferred") at a $229 and $833, discount to the historical cost basis, respectively. This discount constitutes a deemed negative dividend, offsetting other dividends, and is accretive to common shareholders. In addition, the Company repurchased and retired an aggregate of 2,740,874 and 419,126 shares, respectively, of 8.05% Series B Cumulative Redeemable Preferred Stock ("Series B Preferred") at a $2,346 and $95, premium to historical cost, respectively. This premium is treated as a deemed dividend. Accordingly, net income (loss) was adjusted for these dividends to arrive at net income (loss) attributable to common shareholders for 2012 and 2011.