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Earnings Per Common Share | 9 Months Ended
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Sep. 30, 2014
Earnings Per Share | Earnings Per Common Share Earnings per common share are based on the weighted average number of common shares outstanding during each period. 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 period 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. The following table sets forth the computation of the basic and diluted earnings per common share for the quarters and nine months ended September 30, 2014 and 2013 (amounts in thousands, except per share data):
| Quarters Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2014 |  | 2013 |  | 2014 |  | 2013
Numerators: |  |  |  |  |  |  |
Income (loss) from Continuing Operations: |  |  |  |  |  |  |
Income (loss) from continuing operations | $ | 30,276 |  |  | $ | (6,632 | ) |  | $ | 104,206 |  |  | $ | 48,430 |
Amounts allocated to dilutive securities | (2,219 | ) |  | 755 |  |  | (7,929 | ) |  | (3,385 | )
Preferred Stock distributions | (2,311 | ) |  | (2,311 | ) |  | (6,949 | ) |  | (6,951 | )
Income (loss) from continuing operations available to Common Shares – basic | 25,746 |  |  | (8,188 | ) |  | 89,328 |  |  | 38,094 |
Amounts allocated to dilutive securities | 2,219 |  |  | (755 | ) |  | 7,929 |  |  | 3,385 |
Income (loss) from continuing operations available to Common Shares – fully diluted | $ | 27,965 |  |  | $ | (8,943 | ) |  | $ | 97,257 |  |  | $ | 41,479 |
Income from Discontinued Operations: |  |  |  |  |  |  |
Income from discontinued operations, net of amounts allocated to dilutive securities | $ | — |  |  | $ | 38,060 |  |  | $ | — |  |  | $ | 44,661 |
Net Income Available for Common Shares: |  |  |  |  |  |  |
Net income available for Common Shares – basic | $ | 25,746 |  |  | $ | 29,872 |  |  | $ | 89,328 |  |  | $ | 82,755 |
Amounts allocated to dilutive securities | 2,219 |  |  | 2,753 |  |  | 7,929 |  |  | 7,483 |
Net income available for Common Shares – fully diluted | $ | 27,965 |  |  | $ | 32,625 |  |  | $ | 97,257 |  |  | $ | 90,238 |
Denominator: |  |  |  |  |  |  |
Weighted average Common Shares outstanding – basic | 83,531 |  |  | 83,021 |  |  | 83,295 |  |  | 83,023 |
Effect of dilutive securities: |  |  |  |  |  |  |
Exchange of Common OP Units for Common Shares | 7,254 |  |  | 7,604 |  |  | 7,471 |  |  | 7,506 |
Stock options and restricted shares | 743 |  |  | 634 |  |  | 705 |  |  | 620 |
Weighted average Common Shares outstanding – fully diluted | 91,528 |  |  | 91,259 |  |  | 91,471 |  |  | 91,149 |
Earnings per Common Share – Basic: |  |  |  |  |  |  |
Income (loss) from continuing operations | $ | 0.31 |  |  | $ | (0.10 | ) |  | $ | 1.07 |  |  | $ | 0.46 |
Income from discontinued operations | — |  |  | 0.46 |  |  | — |  |  | 0.54 |
Net income available for Common Shares | $ | 0.31 |  |  | $ | 0.36 |  |  | $ | 1.07 |  |  | $ | 1.00 |
Earnings per Common Share – Fully Diluted: |  |  |  |  |  |  |
Income (loss) from continuing operations | $ | 0.31 |  |  | $ | (0.10 | ) |  | $ | 1.06 |  |  | $ | 0.46 |
Income from discontinued operations | — |  |  | 0.46 |  |  | — |  |  | 0.53 |
Net income available for Common Shares | $ | 0.31 |  |  | $ | 0.36 |  |  | $ | 1.06 |  |  | $ | 0.99 |

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