XML 29 R9.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Net Income Per Common Share | 12 Months Ended
--- | ---
Dec. 31, 2012
Earnings Per Share, Basic and Diluted [Abstract] |
Net Income per Common Share | NET INCOME PER COMMON SHARE Net income per common share is presented on both a basic and diluted basis. Diluted net income per common share assumes the exercise of stock options using the treasury stock method for all periods presented, and for the year ended December 31, 2010, the conversion of the Company’s formerly outstanding Series D 9.50% Cumulative Convertible Preferred Stock (the "Series D Preferred Stock") into common stock using the two-class method. Because the Company's 8.50% Series A Cumulative Redeemable Preferred Stock (the "Series A Preferred Stock") issued during the third quarter of 2012 is redeemable at the Company's option for cash only, and the Series A Preferred Stock can convert into shares of common stock only upon a change of control of the Company, the effect of those shares is excluded from the calculation of diluted net income per common share for the year ended December 31, 2012. Holders of unvested shares of our issued and outstanding restricted common stock are eligible to receive non-forfeitable dividends. As such, these unvested shares are considered participating securities as per ASC 260-10 and therefore are included in the computation of basic earnings per share ("EPS") using the two-class method. The following table presents the calculation of the numerator and denominator for both basic and diluted net income per common share:
| For the Year Ended
| December 31,
| 2012 |  | 2011 |  | 2010
| Income |  | Weighted-Average Common Shares |  | Income |  | Weighted- Average Common Shares |  | Income |  | Weighted- Average Common Shares
Net income | $ | 74,042 |  |  |  |  | $ | 39,812 |  |  |  |  | $ | 29,472 |  |  |
Preferred stock dividends | (2,036 | ) |  |  |  | — |  |  |  |  | (3,061 | ) |  |
Net income to common shareholders | $ | 72,006 |  |  | 53,146,416 |  |  | $ | 39,812 |  |  | 38,579,780 |  |  | $ | 26,411 |  |  | 17,595,022 |
Effect of dilutive securities | — |  |  | — |  |  | — |  |  | 799 |  |  | 3,061 |  |  | 3,324,014 |
Diluted | $ | 72,006 |  |  | 53,146,416 |  |  | $ | 39,812 |  |  | 38,580,579 |  |  | $ | 29,472 |  |  | 20,919,036 |
Net income per common share: |  |  |  |  |  |  |  |  |  |  |
Basic |  |  |  | $ | 1.35 |  |  |  |  |  | $ | 1.03 |  |  |  |  | $ | 1.50 |
Diluted (1) |  |  |  | $ | 1.35 |  |  |  |  |  | $ | 1.03 |  |  |  |  | $ | 1.41 |
Components of dilutive items: |  |  |  |  |  |  |  |  |  |  |
Series D Preferred Stock | $ | — |  |  | — |  |  | $ | — |  |  | — |  |  | $ | 3,061 |  |  | 3,319,395 |
Stock options | — |  |  | — |  |  | — |  |  | 799 |  |  | — |  |  | 4,619 |
| $ | — |  |  | — |  |  | $ | — |  |  | 799 |  |  | $ | 3,061 |  |  | 3,324,014 |
(1) | For the years ended December 31, 2012, December 31, 2011 and December 31, 2010, the calculation of diluted net income per common share excludes the effect of 15,000 unexercised stock option awards because their inclusion would have been anti-dilutive.

X
- Details
Name: | us-gaap_EarningsPerShareBasicAndDilutedAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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=7655603&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=16381557&loc=d3e4984-109258 Reference 3: 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 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=7655603&loc=d3e1278-109256 Reference 5: 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 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
Name: | us-gaap_EarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration