Earnings Per Share and Per Unit

The following table sets forth the computation of basic and diluted earnings per share of the Company:



	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Earnings per Common Share - basic:
Numerator:
Income from continuing operations	$	16,232		$	10,963		$	29,400		$	21,902
Net (income) attributable to noncontrolling interests in the Operating Partnership from continuing operations	(672		)	(517		)	(1,227		)	(982		)
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations	(187		)	(223		)	(390		)	(407		)
Dividends on Preferred Stock	(627		)	(627		)	(1,254		)	(1,254		)
Income from continuing operations available for common stockholders	14,746			9,596			26,529			19,259
Income from discontinued operations	13,347			3,535			13,939			10,928
Net (income) attributable to noncontrolling interests in the Operating Partnership from discontinued operations	(571		)	(169		)	(597		)	(531		)
Income from discontinued operations available for common stockholders	12,776			3,366			13,342			10,397
Net income available for common stockholders	$	27,522		$	12,962		$	39,871		$	29,656
Denominator:
Denominator for basic earnings per Common Share – weighted average shares (1) (2)	82,811			74,662			81,925			73,749
Earnings per Common Share - basic:
Income from continuing operations available for common stockholders	$	0.18		$	0.13		$	0.33		$	0.26
Income from discontinued operations available for common stockholders	0.15			0.04			0.16			0.14
Net income available for common stockholders	$	0.33		$	0.17		$	0.49		$	0.40
Earnings per Common Share - diluted:
Numerator:
Income from continuing operations	$	16,232		$	10,963		$	29,400		$	21,902
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations	(187		)	(223		)	(390		)	(407		)
Dividends on Preferred Stock	(627		)	(627		)	(1,254		)	(1,254		)
Income from continuing operations available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership	15,418			10,113			27,756			20,241
Income from discontinued operations available for common stockholders	13,347			3,535			13,939			10,928
Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership	$	28,765		$	13,648		$	41,695		$	31,169
Denominator:
Denominator for basic earnings per Common Share –weighted average shares (1) (2)	82,811			74,662			81,925			73,749
Add:
Stock options using the treasury method	132			141			120			129
Noncontrolling interests Common Units	3,688			3,718			3,707			3,723
Denominator for diluted earnings per Common Share – adjusted weighted average shares and assumed conversions (1)	86,631			78,521			85,752			77,601
Earnings per Common Share - diluted:
Income from continuing operations available for common stockholders	$	0.18		$	0.13		$	0.33		$	0.26
Income from discontinued operations available for common stockholders	0.15			0.04			0.16			0.14
Net income available for common stockholders	$	0.33		$	0.17		$	0.49		$	0.40

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13.	Earnings Per Share and Per Unit - Continued


(1)	There were 0.3 million and 0.5 million options outstanding during the three months ended June 30, 2013 and 2012, respectively, and 0.3 million and 0.5 million options outstanding during the six months ended June 30, 2013 and 2012, respectively, that were not included in the computation of diluted earnings per share because the impact of including such options would be anti-dilutive.


(2)	Includes all unvested restricted stock where dividends on such restricted stock are non-forfeitable.

The following table sets forth the computation of basic and diluted earnings per unit of the Operating Partnership:



	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Earnings per Common Unit - basic:
Numerator:
Income from continuing operations	$	16,235		$	10,966		$	29,350		$	21,907
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations	(187		)	(223		)	(390		)	(407		)
Distributions on Preferred Units	(627		)	(627		)	(1,254		)	(1,254		)
Income from continuing operations available for common unitholders	15,421			10,116			27,706			20,246
Income from discontinued operations available for common unitholders	13,347			3,535			13,939			10,928
Net income available for common unitholders	$	28,768		$	13,651		$	41,645		$	31,174
Denominator:
Denominator for basic earnings per Common Unit – weighted average units (1) (2)	86,090			77,971			85,223			77,063
Earnings per Common Unit - basic:
Income from continuing operations available for common unitholders	$	0.18		$	0.13		$	0.33		$	0.26
Income from discontinued operations available for common unitholders	0.15			0.05			0.16			0.14
Net income available for common unitholders	$	0.33		$	0.18		$	0.49		$	0.40
Earnings per Common Unit - diluted:
Numerator:
Income from continuing operations	$	16,235		$	10,966		$	29,350		$	21,907
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations	(187		)	(223		)	(390		)	(407		)
Distributions on Preferred Units	(627		)	(627		)	(1,254		)	(1,254		)
Income from continuing operations available for common unitholders	15,421			10,116			27,706			20,246
Income from discontinued operations available for common unitholders	13,347			3,535			13,939			10,928
Net income available for common unitholders	$	28,768		$	13,651		$	41,645		$	31,174
Denominator:
Denominator for basic earnings per Common Unit –weighted average units (1) (2)	86,090			77,971			85,223			77,063
Add:
Stock options using the treasury method	132			141			120			129
Denominator for diluted earnings per Common Unit – adjusted weighted average units and assumed conversions (1)	86,222			78,112			85,343			77,192
Earnings per Common Unit - diluted:
Income from continuing operations available for common unitholders	$	0.18		$	0.13		$	0.33		$	0.26
Income from discontinued operations available for common unitholders	0.15			0.04			0.16			0.14
Net income available for common unitholders	$	0.33		$	0.17		$	0.49		$	0.40

__________


(1)	There were 0.3 million and 0.5 million options outstanding during the three months ended June 30, 2013 and 2012, respectively, and 0.3 million and 0.5 million options outstanding during the six months ended June 30, 2013 and 2012, respectively, that were not included in the computation of diluted earnings per unit because the impact of including such options would be anti-dilutive.


(2)	Includes all unvested restricted stock where dividends on such restricted stock are non-forfeitable.