Net Income Per Common Share

9 Months Ended

Sep. 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								Three Months Ended
	September 30, 2011								September 30, 2010
				Weighted-		Per					Weighted-		Per
				average		Common					average		Common
				Common		Share					Common		Share
	Income			Shares		Amount			Income		Shares		Amount
Basic:
Income from operations available to common stockholders	$	8,505			33,122	$	0.26		$	6,224		29,691	$	0.21
Income from discontinued operations available to common stockholders		(818	)		33,122		(0.03	)		153		29,691		-
		7,687				$	0.23			6,377			$	0.21
Effect of Dilutive Securities (1)(2)		-			87					-		71
Diluted:
Income from continuing operations available to common stockholders		8,505			33,209	$	0.26			6,224		29,762	$	0.21
Income from discontinued operations available to common stockholders		(818	)		33,209		(0.03	)		153		29,762		-
	$	7,687				$	0.23		$	6,377			$	0.21

	Nine Months Ended						Nine Months Ended
	September 30, 2011						September 30, 2010
			Weighted		Per				Weighted		Per
			Average		Common				Average		Common
			Common		Share				Common		Share
	Income		Shares		Amount		Income		Shares		Amount
Basic:
Income before discontinued operations available to common stockholders	$	22,096		32,216	$	0.69	$	28,555		29,334	$	0.97
Income from discontinued operations    available to common stockholders		4,336		32,216		0.13		431		29,334		0.02
		26,432			$	0.82		28,986			$	0.99
Effect of Dilutive Securities (1)(2)		-		89				-		65
Diluted:
Income from continuing operations available to common stockholders (1)		22,096		32,305		0.69	$	28,555		29,399		0.97
Income from discontinued operations   available to common stockholders		4,336		32,305		0.13		431		29,399		0.02
	$	26,432			$	0.82	$	28,986			$	0.99

(1) Weighted average convertible limited partnership units of 2,228,404 and 2,233,088, which includes vested Series Z incentive units, for the three and nine months ended September 30, 2011, respectively, and weighted average convertible limited partnership units of 2,200,907 and 2,325,220 which includes vested Series Z incentive units, for the three and nine months ended September 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 22,000 and 116,747 for the three months ended September 30, 2011 and 2010, respectively, and 29,500 and 133,432 for the nine months ended September 30, 2011 and 2010, respectively, were not included in the diluted earnings per share calculation because the exercise prices 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 nine months ended September 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 $0.6 million and $0.5 million for the three months ended September 30, 2011 and 2010 respectively, and $2.2 million and $2.4 million for the nine months ended September 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.