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Earnings per Share | 9 Months Ended
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Sep. 30, 2014
Earnings per Share |
Earnings per Share | 8.Earnings per Share The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share amounts):
|  |  | Three Months Ended September 30, |  |  |  | Nine Months Ended September 30, |
|  |  | 2014 |  |  |  | 2013 |  |  |  | 2014 |  |  |  | 2013 |
Income from continuing operations |  |  | $ 17,122 |  |  |  | $ 14,429 |  |  |  | $ 52,399 |  |  |  | $ 40,755 |
Less net income allocated to participating securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nonforfeitable dividends on participating securities |  |  | (123) |  |  |  | (93) |  |  |  | (343) |  |  |  | (282) |
Allocation of undistributed income to participating securities |  |  | — |  |  |  | (2) |  |  |  | — |  |  |  | (2) |
Total net income allocated to participating securities |  |  | (123) |  |  |  | (95) |  |  |  | (343) |  |  |  | (284) |
Less net income allocated to preferred stockholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock dividends |  |  | (818) |  |  |  | (818) |  |  |  | (2,454) |  |  |  | (2,454) |
Total net income allocated to preferred stockholders |  |  | (818) |  |  |  | (818) |  |  |  | (2,454) |  |  |  | (2,454) |
Income from continuing operations available to common stockholders |  |  | 16,181 |  |  |  | 13,516 |  |  |  | 49,602 |  |  |  | 38,017 |
Discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from discontinued operations |  |  | — |  |  |  | 238 |  |  |  | — |  |  |  | 805 |
Gain on sale of real estate, net |  |  | — |  |  |  | 2,619 |  |  |  | — |  |  |  | 1,605 |
Total net income from discontinued operations |  |  | — |  |  |  | 2,857 |  |  |  | — |  |  |  | 2,410 |
Net income available to common stockholders |  |  | 16,181 |  |  |  | 16,373 |  |  |  | 49,602 |  |  |  | 40,427 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Convertible preferred securities |  |  | 818 |  |  |  | 818 |  |  |  | 2,454 |  |  |  | 2,454 |
Net income for diluted net income per share |  |  | $ 16,999 |  |  |  | $ 17,191 |  |  |  | $ 52,056 |  |  |  | $ 42,881 |
Shares for basic net income per share |  |  | 34,605 |  |  |  | 34,553 |  |  |  | 34,596 |  |  |  | 32,625 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  |  | 24 |  |  |  | 27 |  |  |  | 24 |  |  |  | 32 |
Convertible preferred securities |  |  | 2,000 |  |  |  | 2,000 |  |  |  | 2,000 |  |  |  | 2,000 |
Shares for diluted net income per share |  |  | 36,629 |  |  |  | 36,580 |  |  |  | 36,620 |  |  |  | 34,657 |
Basic net income per share |  |  | $ 0.47 |  |  |  | $ 0.47 |  |  |  | $ 1.43 |  |  |  | $ 1.24 |
Diluted net income per share (1) |  |  | $ 0.46 |  |  |  | $ 0.47 |  |  |  | $ 1.42 |  |  |  | $ 1.24 |
| (1) |  | For the three and nine months ended September 30, 2014 and 2013, the participating securities have been excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive.

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