Net Income Per Common Share

9 Months Ended

Sep. 30, 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
	September 30, 2012						September 30, 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	$	16,219		35,601	$	0.46	$	8,323			33,122	$	0.25
Income (loss) from discontinued operations available to common stockholders		-		35,601		-		(636	)		33,122		(0.02	)
		16,219			$	0.46		7,687				$	0.23
Effect of Dilutive Securities (1)		-		99				-			87
Diluted:
Income from continuing operations available to common stockholders		16,219		35,700	$	0.45		8,323			33,209	$	0.25
Income (loss) from discontinued operations available to common stockholders		-		35,700		-		(636	)		33,209		(0.02	)
	$	16,219			$	0.45	$	7,687				$	0.23

	Nine Months Ended						Nine Months Ended
	September 30, 2012						September 30, 2011
			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	$	66,590		34,736	$	1.92	$	21,501		32,216	$	0.67
Income from discontinued operations available to common stockholders		9,429		34,736		0.27		4,931		32,216		0.15
		76,019			$	2.19		26,432			$	0.82
Effect of Dilutive Securities (1)		-		98				-		89
Diluted:
Income from continuing operations available to common stockholders (1)		66,590		34,834		1.91	$	21,501		32,305		0.67
Income from discontinued operations available to common stockholders		9,429		34,834		0.27		4,931		32,305		0.15
	$	76,019			$	2.18	$	26,432			$	0.82

(1) Weighted average convertible limited partnership units of 2,235,783 and 2,228,404, which includes vested Series Z incentive units, for the three months ended September 30, 2012, and 2011, respectively, and 2,239,987 and 2,233,088 for the nine months ended September 30, 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 $1.1 million and $0.6 million for the three months ended September 30, 2012 and 2011, respectively, and $5.2 million and $2.2 million for the nine months ended September 30, 2012 and 2011, respectively, have 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 18,000 and 22,000 for the three months ended September 30, 2012 and 2011, respectively, and stock options of 23,000 and 29,500 for the nine months ended September 30, 2012 and 2011, respectively, were not included in the diluted earnings per share calculation because the effects 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 and nine months ended September 30, 2012 and 2011, respectively, as the effect was anti-dilutive.