Earnings Per Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share

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 March 31,
	2012			2011
Weighted average number of common shares outstanding		10,975,857			9,849,668
Unvested restricted stock		(253,400	)		(230,440	)
Weighted average number of common shares outstanding used in basic earnings per share		10,722,457			9,619,228
Weighted average number of common shares outstanding used in basic earnings per share		10,722,457			9,619,228
Effect of dilutive securities:
Restricted stock		32,365			29,234
Common stock options		—			—
Weighted average number of common shares outstanding used in diluted earnings per share		10,754,822			9,648,462