Net Income Per Common Share

12 Months Ended

Dec. 31, 2012

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):

	2012						2011						2010
			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	$	110,373		35,032,491	$	3.15	$	32,256		32,541,792	$	0.99	$	32,251		29,667,064	$	1.09
Income from discontinued operations available to common stockholders		9,439		35,032,491		0.27		8,112		32,541,792		0.25		1,513		29,667,064		0.05
		119,812				3.42		40,368				1.24		33,764				1.14
Effect of Dilutive Securities (1)		-		92,430				-		86,922				-		67,319
Diluted:
Income from continuing operations available to common stockholders (1)	$	110,373		35,124,921	$	3.14	$	32,256		32,628,714	$	0.99	$	32,251		29,734,383	$	1.09
Income from discontinued operations available to common stockholders		9,439		35,124,921		0.27		8,112		32,628,714		0.25		1,513		29,734,383		0.05
	$	119,812			$	3.41	$	40,368			$	1.24	$	33,764			$	1.14

(1) Weighted convertible limited partnership units of 2,219,046, 2,231,807 and 2,293,886, which include vested Series Z incentive units, for the years ended December 31, 2012, 2011 and 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 263,613; 175,500; and 123,164; for the years ended December 31, 2012, 2011, and 2010, 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 2012, 2011, and 2010 respectively, as the effect was anti-dilutive.