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Earnings Per Common Share | 9 Months Ended
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Sep. 30, 2012
Earnings Per Common Share |
Earnings Per Common Share |
Note 3 - Earnings Per Common Share For the three and nine months ended September 30, 2012 and 2011, basic earnings per share was determined by dividing net income allocable to common stockholders for the applicable period by the weighted average number of shares of common stock outstanding during such period. Net income is also allocated to the unvested restricted stock during the applicable period as the restricted stock is entitled to receive dividends and is therefore considered a participating security. Unvested restricted stock is not allocated net losses and/or any excess of dividends declared over net income; such amounts are allocated entirely to the common stockholders other than the holders of unvested restricted stock. The restricted stock units awarded under the Pay-for-Performance program described in Note 11 are excluded from the basic earnings per share calculation, as these units are not participating securities. Diluted earnings per share reflects the potential dilution that could occur if securities or other rights exercisable for, or convertible into, common stock were exercised or converted or otherwise resulted in the issuance of common stock that shared in the earnings of the Company. For the three and nine months ended September 30, 2012, the diluted weighted average number of common shares includes 100,000 shares of common stock underlying the restricted stock units awarded on September 14, 2010 under the Pay-For-Performance Program. These 100,000 shares may vest upon satisfaction of the total stockholder return metric. The number of shares that would be issued pursuant to this metric is based on the current market price and dividends paid at the end of each quarterly period assuming the end of that quarterly period was the end of the vesting period. These 100,000 shares are not included for the three and nine months ended September 30, 2011 as they did not meet the total stockholder return metric for such periods. The remaining 100,000 shares of common stock underlying the restricted stock units awarded under the Pay-For-Performance Program are not included during the three and nine months ended September 30, 2012 and 2011, as they did not meet the return of capital performance metric during such periods. There were no options outstanding to purchase shares of common stock or other rights exercisable for, or convertible into, common stock during the three and nine months ended September 30, 2012 and 2011. The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (dollars in thousands, except per share calculations):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  | 2012 |  | 2011 |  | 2012 |  | 2011 |
Numerator for basic and diluted earnings per share: |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 3,106 |  | $ | 2,643 |  | $ | 9,543 |  | $ | 9,061 |
Less net income attributable to noncontrolling interests |  | (6 | ) | — |  | (13 | ) | — |
Less earnings allocated to unvested shares |  | — |  | (115 | ) | — |  | (345 | )
Income from continuing operations available for common stockholders |  | 3,100 |  | 2,528 |  | 9,530 |  | 8,716 |
Discontinued operations |  | 15,314 |  | 122 |  | 17,856 |  | 1,578 |
Net income available for common stockholders, basic and diluted |  | $ | 18,414 |  | $ | 2,650 |  | $ | 27,386 |  | $ | 10,294 |
Denominator for basic earnings per share |  |  |  |  |  |  |  |  |
- weighted average common shares |  | 14,443 |  | 14,143 |  | 14,370 |  | 13,663 |
- weighted average unvested restricted stock shares (a) |  | 408 |  | — |  | 412 |  | — |
|  | 14,851 |  | 14,143 |  | 14,782 |  | 13,663 |
Effect of diluted securities |  |  |  |  |  |  |  |  |
- restricted stock units awarded under Pay-for-Performance program |  | 100 |  | — |  | 100 |  | — |
Denominator for diluted earnings per share |  |  |  |  |  |  |  |  |
- weighted average shares |  | 14,951 |  | 14,143 |  | 14,882 |  | 13,663 |
Earnings per common share, basic |  | $ | 1.24 |  | $ | .19 |  | $ | 1.85 |  | $ | .75 |
Earnings per common share, diluted |  | $ | 1.23 |  | $ | .19 |  | $ | 1.84 |  | $ | .75 |
Amounts attributable to One Liberty Properties, Inc. common stockholders, net of noncontrolling interests: |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 3,100 |  | $ | 2,643 |  | $ | 9,530 |  | $ | 9,061 |
Income from discontinued operations |  | 15,314 |  | 122 |  | 17,856 |  | 1,578 |
Net income |  | $ | 18,414 |  | $ | 2,765 |  | $ | 27,386 |  | $ | 10,639 |
(a) The three and nine months ended September 30, 2012 include unvested restricted stock since the earnings are in excess of the distributions for such periods.

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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=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
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