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Earnings Per Common Share | 6 Months Ended
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Jun. 30, 2013
Earnings Per Share | Earnings Per Common Share Earnings per common share are based on the weighted average number of common shares outstanding during each year. Codification Topic “Earnings Per Share” (“FASB ASC 260”) defines the calculation of basic and fully diluted earnings per share. Basic and fully diluted earnings per share are based on the weighted average shares outstanding during each year and basic earnings per share exclude any dilutive effects of options, unvested restricted shares and convertible securities. The conversion of OP Units has been excluded from the basic earnings per share calculation. The conversion of an OP Unit for a share of common stock has no material effect on earnings per common share on a fully diluted basis. On June 25, 2013, management announced a two-for-one split, to be effected by and in the form of a stock dividend, to take effect on July 15, 2013. On July 15, 2013, each common shareholder of record on July 5, 2013, received one additional share of common stock for each share held. The incremental par value was recorded as an increase to the common stock account on our balance sheet to reflect the newly issued shares and such amount was offset by a reduction in the paid-in capital account on our balance sheet. Pursuant to the anti-dilution provision in the Operating Partnership’s Agreement of Limited Partnership, the stock split also affected the common OP units. The following table sets forth the computation of the basic and diluted earnings per common share, as adjusted for the stock split, for the quarters and six months ended June 30, 2013 and 2012 (amounts in thousands, except per share data):
| Quarters Ended June 30, |  | Six Months Ended June 30,
| 2013 |  | 2012 |  | 2013 |  | 2012
Numerators: |  |  |  |  |  |  |
Income from Continuing Operations: |  |  |  |  |  |  |
Income from continuing operations | $ | 18,621 |  |  | $ | 5,945 |  |  | $ | 55,062 |  |  | $ | 23,439 |
Amounts allocated to dilutive securities | (1,337 | ) |  | (166 | ) |  | (4,196 | ) |  | (1,368 | )
Preferred Stock distributions | (2,329 | ) |  | (4,038 | ) |  | (4,640 | ) |  | (8,069 | )
Income from continuing operations available to Common Shares – basic | 14,955 |  |  | 1,741 |  |  | 46,226 |  |  | 14,002 |
Amounts allocated to dilutive securities | 1,337 |  |  | 197 |  |  | 4,196 |  |  | 1,388 |
Income from continuing operations available to Common Shares – fully diluted | $ | 16,292 |  |  | $ | 1,938 |  |  | $ | 50,422 |  |  | $ | 15,390 |
Income from Discontinued Operations: |  |  |  |  |  |  |
Income from discontinued operations, net of amounts allocated to dilutive securities-basic and fully diluted | $ | 2,905 |  |  | $ | 322 |  |  | $ | 6,657 |  |  | $ | 493 |
Net Income Available for Common Shares: |  |  |  |  |  |  |
Net income available for Common Shares – basic | $ | 17,860 |  |  | $ | 2,063 |  |  | $ | 52,883 |  |  | $ | 14,495 |
Amounts allocated to dilutive securities | 1,597 |  |  | 197 |  |  | 4,730 |  |  | 1,388 |
Net income available for Common Shares – fully diluted | $ | 19,457 |  |  | $ | 2,260 |  |  | $ | 57,613 |  |  | $ | 15,883 |
Denominator: |  |  |  |  |  |  |
Weighted average Common Shares outstanding – basic | 83,021 |  |  | 82,262 |  |  | 83,024 |  |  | 82,220 |
Effect of dilutive securities: |  |  |  |  |  |  |
Redemption of Common OP Units for Common Shares | 7,456 |  |  | 7,913 |  |  | 7,456 |  |  | 7,936 |
Employee stock options and restricted shares | 651 |  |  | 605 |  |  | 630 |  |  | 618 |
Weighted average Common Shares outstanding – fully diluted | 91,128 |  |  | 90,780 |  |  | 91,110 |  |  | 90,774 |
Earnings per Common Share – Basic: |  |  |  |  |  |  |
Income from continuing operations | $ | 0.18 |  |  | $ | 0.02 |  |  | $ | 0.55 |  |  | $ | 0.17 |
Income from discontinued operations | 0.04 |  |  | 0.01 |  |  | 0.09 |  |  | 0.01 |
Net income available for Common Shares | $ | 0.22 |  |  | $ | 0.03 |  |  | $ | 0.64 |  |  | $ | 0.18 |
Earnings per Common Share – Fully Diluted: |  |  |  |  |  |  |
Income from continuing operations | $ | 0.18 |  |  | $ | 0.02 |  |  | $ | 0.55 |  |  | $ | 0.17 |
Income from discontinued operations | 0.03 |  |  | — |  |  | 0.08 |  |  | — |
Net income available for Common Shares | $ | 0.21 |  |  | $ | 0.02 |  |  | $ | 0.63 |  |  | $ | 0.17 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=16381557&loc=d3e4984-109258 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1278-109256 + Details
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