Net Income Per Common Share

3 Months Ended

Mar. 31, 2012

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
	March 31, 2012						March 31, 2011
			Weighted-		Per				Weighted-		Per
			average		Common				average		Common
			Common		Share				Common		Share
	Income		Shares		Amount		Income		Shares		Amount
Basic:
Income from continuing operations available to common stockholders	$	13,307		34,028	$	0.39	$	8,016		31,466	$	0.25
Income from discontinued operations available to common stockholders		9,415		34,028		0.28		402		31,466		0.02
		22,722			$	0.67		8,418			$	0.27
Effect of Dilutive Securities (1)		54		124				-		81
Diluted:
Income from continuing operations available to common stockholders		13,361		34,152	$	0.39		8,016		31,547	$	0.25
Income from discontinued operations available to common stockholders		9,415		34,152		0.28		402		31,547		0.02
	$	22,776			$	0.67	$	8,418			$	0.27

(1) Weighted average convertible limited partnership units of 2,245,166 and 2,240,639, which includes vested Series Z incentive units, for the three months ended March 31, 2012, and 2011 respectively, were not included in the determination of diluted EPS because they were anti-dilutive. Income allocated to convertible limited partnership units, which includes vested Series Z units, aggregating $1.6 million and $0.6 million for the three months ended March 31, 2012 and 2011 respectively, also has been excluded from income available to common stock holders for the calculation of diluted 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. 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 36,750 for the three months ended March 31, 2011, were not included in the diluted earnings per share calculation because the effect on earnings per share were anti-dilutive.

All shares of Series G cumulative convertible preferred stock have been excluded in diluted earnings per share for the three months ended March 31, 2011, as the effect was anti-dilutive.