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EARNINGS PER COMMON SHARE | 9 Months Ended
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Sep. 30, 2012
Earnings Per Share [Abstract] |
Earnings Per Common Share | EARNINGS PER COMMON SHARE Basic earnings per Common Share is computed by dividing net income attributable to Common Shareholders by the weighted average Common Shares outstanding. At September 30, 2012, the Company has unvested LTIP Units (Note 13) which provide for non-forfeitable rights to dividend equivalent payments. Accordingly, these unvested LTIP Units are considered participating securities and are included in the computation of basic earnings per Common Share pursuant to the two-class method. Diluted earnings per Common Share reflects the potential dilution of the conversion of obligations and the assumed exercises of securities including the effects of restricted share unit (“Restricted Share Units”) and share option awards issued under the Company's Share Incentive Plans (Note 13). The effect of the assumed conversion of 188 Series A Preferred OP Units into 25,067 Common Shares would be anti-dilutive and are therefore not included in the computation of diluted earnings per share for the three and nine months ended September 30, 2012 and for the three months ended September 30, 2011, but would be dilutive and therefore are included in the computation of diluted earnings per share for the nine months ended September 30, 2011. The effect of the conversion of Common OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Common Shares on a one-for-one basis. The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share. The conversion of the convertible notes payable (Note 9) is not included in the computation of basic and diluted earnings per share as such conversion, based on the current market price of the Common Shares, would be settled with cash.
2. | EARNINGS PER COMMON SHARE (continued)
The following table sets forth the computation of basic and diluted earnings per share from continuing operations for the periods indicated:
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
(dollars in thousands, except per share amounts) | 2012 |  | 2011 |  | 2012 |  | 2011
Numerator |  |  |  |  |  |  |
Income from continuing operations | $ | 6,265 |  |  | $ | 3,769 |  |  | $ | 16,665 |  |  | $ | 16,057 |
Less: net income attributable to participating securities | 127 |  |  | 164 |  |  | 336 |  |  | 122 |
Income from continuing operations net of income attributable to participating securities | 6,138 |  |  | 3,605 |  |  | 16,329 |  |  | 15,935 |
Effect of dilutive securities: |  |  |  |  |  |  |
Preferred OP Unit distributions | — |  |  | — |  |  | — |  |  | 14 |
Numerator for diluted earnings per Common Share | $ | 6,138 |  |  | $ | 3,605 |  |  | $ | 16,329 |  |  | $ | 15,949 |
Denominator |  |  |  |  |  |  |  |  |  |  |
Weighted average shares for basic earnings per share | 46,338 |  |  | 40,340 |  |  | 44,447 |  |  | 40,330 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |
Employee Restricted Share Units and share options | 435 |  |  | 289 |  |  | 424 |  |  | 267 |
Convertible Preferred OP Units | — |  |  | — |  |  | — |  |  | 25 |
Dilutive potential Common Shares | 435 |  |  | 289 |  |  | 424 |  |  | 292 |
Denominator for diluted earnings per share | 46,773 |  |  | 40,629 |  |  | 44,871 |  |  | 40,622 |
Basic earnings per Common Share from continuing operations attributable to Common Shareholders | $ | 0.13 |  |  | $ | 0.09 |  |  | $ | 0.37 |  |  | $ | 0.40 |
Diluted earnings per Common Share from continuing operations attributable to Common Shareholders | $ | 0.13 |  |  | $ | 0.09 |  |  | $ | 0.37 |  |  | $ | 0.40 |

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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 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1252-109256 Reference 2: 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=6945512&loc=d3e4984-109258 Reference 3: 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 4: 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=6920599&loc=d3e1278-109256 Reference 5: 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 6: 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 + Details
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