Earnings per Share and Unit

Parent Company Earnings per Share

The following summarizes the calculation of basic and diluted earnings per share for the periods ended June 30, 2011 and 2010, respectively (in thousands except per share data):



		Three months ended			Six months ended
		2011	2010		2011	2010
Numerator:
Income from continuing operations	$	18,937	13,812		27,067	24,348
Discontinued operations		—	(108	)	—	6,795
Net income		18,937	13,704		27,067	31,143
Less: Preferred stock dividends		4,919	4,919		9,838	9,838
Less: Noncontrolling interests		1,157	1,037		2,183	2,158
Net income attributable to common stockholders		12,861	7,748		15,046	19,147
Less: Dividends paid on unvested restricted stock		218	178		437	356
Net income attributable to common stockholders - basic	$	12,643	7,570		14,609	18,791
Add: Dividends paid on Treasury Method restricted stock		20	—		34	—
Net income for common stockholders - diluted	$	12,663	7,570		14,643	18,791
Denominator:
Weighted average common shares outstanding for basic EPS		89,074	81,054		86,090	80,952
Incremental shares to be issued under unvested restricted stock		44	—		36	—
Incremental shares under Forward Equity Offering		—	1,522		848	1,305
Weighted average common shares outstanding for diluted EPS		89,118	82,576		86,974	82,257
Income per common share – basic
Continuing operations	$	0.14	0.09		0.17	0.15
Discontinued operations		—	—		—	0.08
Net income attributable to common stockholders	$	0.14	0.09		0.17	0.23
Income per common share – diluted
Continuing operations	$	0.14	0.09		0.17	0.15
Discontinued operations		—	—		—	0.08
Net income attributable to common stockholders	$	0.14	0.09		0.17	0.23

Income (Loss) allocated to noncontrolling interests of the Operating Partnership has been excluded from the numerator and Exchangeable Operating Partnership units have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would have no impact. Weighted average Exchangeable Operating Partnership units outstanding for the three months ended June 30, 2011 and 2010 were 177,164 and 256,598, respectively. Weighted average Exchangeable Operating Partnership units outstanding for the six months ended June 30, 2011 and 2010 were 177,164 and 354,126, respectively.

Operating Partnership Earnings per Unit

The following summarizes the calculation of basic and diluted earnings per unit for the periods ended June 30, 2011 and 2010, respectively (in thousands except per unit data):



		Three months ended			Six months ended
		2011	2010		2011	2010
Numerator:
Income from continuing operations	$	18,937	13,812		27,067	24,348
Discontinued operations		—	(108	)	—	6,795
Net income		18,937	13,704		27,067	31,143
Less: Preferred unit distributions		5,850	5,850		11,700	11,700
Less: Noncontrolling interests		189	79		271	175
Net income attributable to common unit holders		12,898	7,775		15,096	19,268
Less: Dividends paid on unvested restricted stock		218	178		437	356
Net income attributable to common unit holders - basic	$	12,680	7,597		14,659	18,912
Add: Dividends paid on Treasury Method restricted stock		20	—		34	—
Net income for common unit holders - diluted	$	12,700	7,597		14,693	18,912
Denominator:
Weighted average common units outstanding for basic EPU		89,251	81,311		86,267	81,306
Incremental units to be issued under unvested restricted stock		44	—		36	—
Incremental units under Forward Equity Offering		—	1,522		848	1,305
Weighted average common units outstanding for diluted EPU		89,295	82,833		87,151	82,611
Income per common unit – basic
Continuing operations	$	0.14	0.09		0.17	0.15
Discontinued operations		—	—		—	0.08
Net income attributable to common unit holders	$	0.14	0.09		0.17	0.23
Income per common unit – diluted
Continuing operations	$	0.14	0.09		0.17	0.15
Discontinued operations		—	—		—	0.08
Net income attributable to common unit holders	$	0.14	0.09		0.17	0.23