Net Income Per Common Share

12 Months Ended

Dec. 31, 2011

Net Income Per Common Share [Abstract]

Net Income Per Common Share

(12) Net Income Per Common Share

Basic and diluted income from continuing operations per share are calculated as follows for the years ended December 31 ($ in thousands, except share and per share amounts):

	2011						2010						2009
			Weighted-		Per				Weighted-		Per				Weighted-		Per
			average		Common				average		Common				average		Common
			Common		Share				Common		Share				Common		Share
	Income		Shares		Amount		Income		Shares		Amount		Income		Shares		Amount
Basic:
Income from continuing operations available to common stockholders	$	32,256		32,541,792	$	0.99	$	32,251		29,667,064	$	1.09	$	72,545		27,269,547	$	2.66
Income from discontinued operations available to common stockholders		8,112		32,541,792		0.25		1,513		29,667,064		0.05		9,655		27,269,547		0.35
		40,368			$	1.24		33,764			$	1.14		82,200				3.01
Effect of Dilutive Securities (1)		-		86,922				-		67,319				4,224		2,477,067
Diluted:
Income from continuing operations available to common stockholders (1)	$	32,256					$	32,251					$	72,545
Add: noncontrolling interests OP unitholders (2)		-						-						3,419
Adjusted income from continuing operations available to common stockholders (1)		32,256		32,628,714	$	0.99		32,251		29,734,383	$	1.09		75,964		29,746,614	$	2.56
Income (loss) from discontinued operations available to common stockholders		8,112						1,513						9,655
Add: noncontrolling interests OP unitholders (2)		-						-						805
Adjusted income from discontinued operations available to common stockholders		8,112		32,628,714		0.25		1,513		29,734,383		0.05		10,460		29,746,614		0.35
	$	40,368			$	1.24	$	33,764			$	1.14	$	86,424			$	2.91

(1) Weighted convertible limited partnership units of 2,231,807 and 2,293,886, which include vested Series Z incentive units, for the years ended December 31, 2011 and 2010, respectively, were not included in the determination of diluted EPS because they were anti-dilutive.  Weighted convertible limited partnership units of 2,447,751, which include vested Series Z incentive units, for the year ended December 31, 2009, were included in the determination of diluted EPS because they were 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 175,500; 123,164; and 260,736 for the years ended December 31, 2011, 2010, and 2009, respectively, were not included in the diluted earnings per share calculation because the exercise price of these options were greater than the average market price of the common shares for the years 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 years ended 2011, 2010, and 2009 respectively, as the effect was anti-dilutive.

(2) For the year ended December 31, 2009, net income allocated to convertible limited partnership units including vested Series Z units have been included in income available to common stock holders for the calculation of net income per common share since these units are included in the diluted weighted average common shares for the that year as discussed in (1) above.