Earnings per Share and Unit

Parent Company Earnings per Share

The following summarizes the calculation of basic and diluted earnings per share for the three months ended March 31, 2012 and 2011, respectively (in thousands except per share data):



		Year to Date
		2012		2011
Numerator:
Income from continuing operations	$	20,324		7,011
Discontinued operations		6,411		1,119
Net income		26,735		8,130
Less: Preferred stock dividends		13,937		4,919
Less: Noncontrolling interests		(383	)	1,026
Net income attributable to common stockholders		13,181		2,185
Less: Dividends paid on unvested restricted stock		231		240
Net income attributable to common stockholders - basic		12,950		1,945
Add: Dividends paid on Treasury Method restricted stock		14		15
Net income for common stockholders - diluted	$	12,964		1,960
Denominator:
Weighted average common shares outstanding for basic EPS		89,497		83,099
Incremental shares under Forward Equity Offering		—		1,695
Weighted average common shares outstanding for diluted EPS		89,497		84,794
Income per common share – basic
Continuing operations	$	0.07		0.01
Discontinued operations		0.07		0.01
Net income attributable to common stockholders	$	0.14		0.02
Income per common share – diluted
Continuing operations	$	0.07		0.01
Discontinued operations		0.07		0.01
Net income attributable to common stockholders	$	0.14		0.02

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 March 31, 2012 and 2011 were 177,164.

Operating Partnership Earnings per Unit

The following summarizes the calculation of basic and diluted earnings per unit for the periods ended March 31, 2012 and 2011, respectively (in thousands except per unit data):




		2012	2011
Numerator:
Income from continuing operations	$	20,324	7,011
Discontinued operations		6,411	1,119
Net income		26,735	8,130
Less: Preferred unit distributions		13,308	5,850
Less: Noncontrolling interests		192	82
Net income attributable to common unit holders		13,235	2,198
Less: Dividends paid on unvested restricted units		231	240
Net income attributable to common unit holders - basic		13,004	1,958
Add: Dividends paid on Treasury Method restricted units		14	15
Net income for common unit holders - diluted	$	13,018	1,973
Denominator:
Weighted average common units outstanding for basic EPU		89,674	83,630
Incremental units under Forward Equity Offering		—	1,695
Weighted average common units outstanding for diluted EPU		89,674	85,325
Income per common unit – basic
Continuing operations	$	0.07	0.01
Discontinued operations		0.07	0.01
Net income attributable to common unit holders	$	0.14	0.02
Income per common unit – diluted
Continuing operations	$	0.07	0.01
Discontinued operations		0.07	0.01
Net income attributable to common unit holders	$	0.14	0.02