Net Income Per Common Share

6 Months Ended

Jun. 30, 2013

Net Income Per Common Share [Abstract]

Net Income Per Common Share

(8)  Net Income Per Common Share

(Amounts in thousands, except per share and unit data)

	Three Months Ended								Three Months Ended
	June 30, 2013								June 30, 2012
	Income			Weighted- average Common Shares		Per Common Share Amount			Income			Weighted- average Common Shares		Per Common Share Amount
Basic:
Income from continuing operations available to common stockholders		$	24,946		37,293		$	0.67		$	37,078		34,571		$	1.07
Effect of Dilutive Securities (1)			-		98						54		137
Diluted:
Income from continuing operations available to common stockholders		$	24,946		37,391		$	0.67		$	37,132		34,708		$	1.07

	Six Months Ended						Six Months Ended
	June 30, 2013						June 30, 2012
	Income		Weighted Average Common Shares		Per Common Share Amount		Income		Weighted Average Common Shares		Per Common Share Amount
Basic:
Income before discontinued operations available to common stockholders	$	50,149		37,149	$	1.35	$	50,379		34,299	$	1.47
Income from discontinued operations     available to common stockholders		-		37,149		-		9,421		34,299		0.27
		50,149			$	1.35		59,800			$	1.74
Effect of Dilutive Securities (1)		-		93				108		132
Diluted:
Income from continuing operations available to common stockholders (1)		50,149		37,242		1.35	$	50,487		34,431		1.47
Income from discontinued operations available to common stockholders		-		37,242		-		9,421		34,431		0.27
	$	50,149			$	1.35	$	59,908			$	1.74

(1) Weighted average convertible limited partnership units of 2,151,494 and 2,239,057, which include vested Series Z-1 incentive units, for the three months ended June 30, 2013, and 2012, respectively, and 2,115,670 and 2,242,112 for the six months ended June 30, 2013 and 2012, 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-1 units, aggregating $1.5 million and $2.5 million for the three months ended June 30, 2013 and 2012, respectively, and $3.0 million and $4.1 million for the six months ended June 30, 2013 and 2012, 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 20,825 and 41,557 for the three and six months ended June 30, 2013, 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 six months ended June 30, 2013, respectively, as the effect was anti-dilutive.