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Earnings Per Share
 12 Months Ended
Dec. 31, 2011
Earnings Per Share [Abstract]  
Earnings Per Share

13. Earnings per Share

The limited partners' outstanding limited partnership units in the Operating Partnership (which may be redeemed for common stock upon notice from the limited partner and following our election to redeem the units for stock rather than cash) have been excluded from the diluted earnings per share calculation as there would be no effect on the amounts since the limited partners' share of income would also be added back to net income. The computation of basic and diluted earnings per share is presented below.

 

     Year ended
December 31, 2011		     Year ended
December 31, 2010		     Year ended
December 31, 2008		  

Numerator

       

Net loss attributable to the Company for basic computation

    $ (4,844,446 )    $ (2,382,944 )    $ (1,973,830 ) 

Effect of the issuance of dilutive shares on the net loss attributable to the noncontrolling interest

      (16,209 )      —          —     
  

 

 

    

 

 

    

 

 

  

Net loss attributable to the Company for dilutive computation

    $ (4,860,655 )    $ (2,382,944 )    $ (1,973,830 ) 
  

 

 

    

 

 

    

 

 

  

Denominator

       

Weighted average number of common shares outstanding

      9,676,846        9,447,275        7,143,829   

Dilutive effect of stock awards

      —          16,000        26,000   

Dilutive effect of warrants

      129,666        —          —     
  

 

 

    

 

 

    

 

 

  

Weighted average number of common shares outstanding for dilutive computation

      9,806,512        9,463,275        7,169,829   
  

 

 

    

 

 

    

 

 

  

Basic net loss per share

    $ (0.50 )    $ (0.25 )    $ (0.28 ) 
  

 

 

    

 

 

    

 

 

  

Diluted net loss per share

    $ (0.50 )    $ (0.25 )    $ (0.28 ) 
  

 

 

    

 

 

    

 

 

  

The limited partners' outstanding limited partnership units in the Operating Partnership (which may be redeemed for common stock upon notice from the limited partners and following the Company's election to redeem the units for stock rather than cash) have been excluded from the diluted earnings per share calculation as there would be no effect on the amounts since the limited partners' share of income would also be added back to net income. But the effect of the allocation of net income (loss) attributable to the limited partners' interests by the issuance of dilutive shares has been included.

Diluted net income (loss) per share takes into consideration the pro forma dilution of certain unvested stock awards during 2010 and 2009 as well as the Warrant discussed in Note 7 issued in April 2011.