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 September 30, 2012 and 2011, respectively (in thousands except per share data):



		Three months ended September 30,			Nine months ended September 30,
		2012	2011		2012	2011
Numerator:
Income from continuing operations	$	19,784	11,097	$	48,770	35,138
Discontinued operations		36	3,444		9,133	6,470
Net income		19,820	14,541		57,903	41,608
Less: Preferred stock dividends		7,932	4,919		27,265	14,756
Less: Noncontrolling interests		251	1,112		123	3,296
Net income attributable to common stockholders		11,637	8,510		30,515	23,556
Less: Dividends paid on unvested restricted stock		175	187		526	560
Net income attributable to common stockholders - basic		11,462	8,323		29,989	22,996
Add: Dividends paid on Treasury Method restricted stock		31	5		61	33
Net income for common stockholders - diluted	$	11,493	8,328	$	30,050	23,029
Denominator:
Weighted average common shares outstanding for basic EPS		89,594	89,506		89,491	87,245
Incremental shares to be issued under unvested restricted stock		68	11		44	24
Incremental shares under Forward Equity Offering		—	—		—	565
Weighted average common shares outstanding for diluted EPS		89,662	89,517		89,535	87,834
Income per common share – basic
Continuing operations	$	0.13	0.05	$	0.24	0.19
Discontinued operations		—	0.04		0.10	0.07
Net income attributable to common stockholders	$	0.13	0.09	$	0.34	0.26
Income per common share – diluted
Continuing operations	$	0.13	0.05	$	0.24	0.19
Discontinued operations		—	0.04		0.10	0.07
Net income attributable to common stockholders	$	0.13	0.09	$	0.34	0.26

Income 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 and nine months ended September 30, 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 September 30, 2012 and 2011, respectively (in thousands except per unit data):



		Three months ended September 30,			Nine months ended September 30,
		2012	2011		2012	2011
Numerator:
Income from continuing operations	$	19,784	11,097	$	48,770	35,138
Discontinued operations		36	3,444		9,133	6,470
Net income		19,820	14,541		57,903	41,608
Less: Preferred unit distributions		7,932	5,850		26,636	17,550
Less: Noncontrolling interests		212	154		636	425
Net income attributable to common unit holders		11,676	8,537		30,631	23,633
Less: Dividends paid on unvested restricted units		175	187		526	560
Net income attributable to common unit holders - basic		11,501	8,350		30,105	23,073
Add: Dividends paid on Treasury Method restricted units		31	5		61	33
Net income for common unit holders - diluted	$	11,532	8,355	$	30,166	23,106
Denominator:
Weighted average common units outstanding for basic EPU		89,771	89,683		89,668	87,422
Incremental units to be issued under unvested restricted stock		68	11		44	24
Incremental units under Forward Equity Offering		—	—		—	565
Weighted average common units outstanding for diluted EPU		89,839	89,694		89,712	88,011
Income per common unit – basic
Continuing operations	$	0.13	0.05	$	0.24	0.19
Discontinued operations		—	0.04		0.10	0.07
Net income attributable to common unit holders	$	0.13	0.09	$	0.34	0.26
Income per common unit – diluted
Continuing operations	$	0.13	0.05	$	0.24	0.19
Discontinued operations		—	0.04		0.10	0.07
Net income attributable to common unit holders	$	0.13	0.09	$	0.34	0.26