Net Income Per Common Share

6 Months Ended

Jun. 30, 2011

Net Income Per Common Share [Abstract]

Net Income Per Common Share

(7)  Net Income Per Common Share

(Amounts in thousands, except per share and unit data)

	Three Months Ended June 30, 2011						Three Months Ended June 30, 2010
	Income		Weighted- average Common Shares		Per Common Share Amount		Income		Weighted- average Common Shares		Per Common Share Amount
Basic:
Income from operations available to common stockholders	$	5,337		32,041	$	0.17	$	9,329		29,329	$	0.32
Income from discontinued operations available to common stockholders		4,988		32,041		0.15		153		29,329		-
		10,325			$	0.32		9,482			$	0.32
Effect of Dilutive Securities (1)(2)		-		94				-		73
Diluted:
Income from continuing operations available to common stockholders		5,337		32,135	$	0.17		9,329		29,402	$	0.32
Income from discontinued operations available to common stockholders		4,988		32,135		0.15		153		29,402		-
	$	10,325			$	0.32	$	9,482			$	0.32

	Six Months Ended June 30, 2011						Six Months Ended June 30, 2010
	Income		Weighted  Average  Common Shares		Per  Common  Share  Amount		Income		Weighted  Average  Common  Shares		Per  Common  Share  Amount
Basic:
Income before discontinued operations available to common stockholders	$	13,589		31,755	$	0.43	$	22,320		29,150	$	0.77
Income from discontinued operations available to common stockholders		5,154		31,755		0.16		289		29,150		0.01
		18,743			$	0.59		22,609			$	0.78
Effect of Dilutive Securities (1)(2)		-		89				-		64
Diluted:
Income from continuing operations available to common stockholders (1)		13,589		31,844		0.43	$	22,320		29,214		0.76
Income from discontinued operations available to common stockholders		5,154		31,844		0.16		289		29,214		0.01
	$	18,743			$	0.59	$	22,609			$	0.77

(1) Weighted average convertible limited partnership units of 2,230,354 and 2,235,468, which includes vested Series Z incentive units, for the three and six months ended June 30, 2011 and weighted convertible limited partnership units of 2,357,321 and 2,388,406 which includes vested Series Z incentive units, for the three and six months ended June 30, 2010, respectively, were not included in the determination of diluted EPS because they were anti-dilutive.  The Company has the ability to redeem DownREIT limited partnership units for cash and does not consider them to be potentially dilutive securities.

Stock options of 29,500 and 131,664 for the three months ended June 30, 2011 and 2010, respectively, and 41,250 and 147,690 for the six months ended June 30, 2011 and 2010, respectively, were not included in the diluted earnings per share calculation because the exercise price of the options were greater than the average market price of the common shares for the three and six months ended and, therefore, were anti-dilutive.

All shares of cumulative convertible preferred stock Series G have been excluded from diluted earnings per share for the three and six months ended June 30, 2011 and 2010, as the effect was anti-dilutive.

(2) Net income allocated to convertible limited partnership units, which includes vested Series Z units, aggregating $1.0 million and $0.8 million for the three months ended June 30, 2011 and 2010 respectively, and $1.6 million and $1.9 million for the six months ended June 30, 2011 and 2010, respectively, have been excluded from income available to common stock holders for the calculation of net income per common share since these units are excluded from the diluted weighted average common shares for the period as the effect was anti-dilutive.