Earnings Per Share

9 Months Ended

Sep. 30, 2011

3. Earnings Per Share

Earnings per share has been computed by dividing the net income attributable to Agree Realty Corporation by the weighted average number of common shares outstanding.

The following is a reconciliation of the denominator of the basic net earnings per common share computation to the denominator of the diluted net earnings per common share computation for each of the periods presented:

	Three Months Ended September 30,
	2011			2010
Weighted average number of common shares outstanding		9,858,175			9,756,248
Unvested restricted stock		(222,340	)		(175,320	)
Weighted average number of common shares outstanding used in basic earnings per share		9,635,835			9,580,928

Weighted average number of common shares outstanding used in basic earnings per share		9,635,835			9,580,928
Effect of dilutive securities:
Restricted stock		30,956			37,312
Common stock options		—			—
Weighted average number of common shares outstanding used in diluted earnings per share		9,666,791			9,618,240

	Nine Months Ended September 30,
	2011			2010
Weighted average number of common shares outstanding		9,855,084			9,175,969
Unvested restricted stock		(222,340	)		(175,320	)
Weighted average number of common shares outstanding used in basic earnings per share		9,632,744			9,000,649

Weighted average number of common shares outstanding used in basic earnings per share		9,632,744			9,000,649
Effect of dilutive securities:
Restricted stock		36,606			33,980
Common stock options		—			—
Weighted average number of common shares outstanding used in diluted earnings per share		9,669,349			9,034,629