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

Note 20. Earnings/Dividends Per Share

     Basic earnings per share ("EPS") is calculated by dividing net income (loss) attributable to the Company's common shareholders by the weighted average number of common shares outstanding for the period including participating securities (restricted shares issued pursuant to the Company's stock-based compensation program are considered participating securities, as such shares have non-forfeitable rights to receive dividends). Unvested restricted shares are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated entirely to the common shareholders. For 2011, the Company had 2.3 million weighted average unvested restricted shares outstanding (including the weighted average impact of the 2.0 million shares awarded to the Company's new President/Chief Executive Officer in June 2011). EPS for the 2010 and 2009 is calculated based on the data presented on the face of the consolidated statements of operations for those periods. The following table provides a reconciliation of the numerator and denominator of the EPS calculations for 2011:

 
       
Numerator      
(Loss) from continuing operations $ (25,953,000 )
Preferred distribution requirements   (14,200,000 )
Plus, net income attributable to noncontrolling interests   917,000  
Less, earnings allocated to unvested shares   (810,000 )
Loss from continuing operations available for common shareholders   (40,046,000 )
Results from discontinued operations   (78,525,000 )
Net (loss) available for common shareholders, basic and diluted $ (118,571,000 )
 
Denominator      
Weighted average number of vested common shares outstanding   66,387,000  
 
Earnings (loss) per common share, basic and diluted      
Continuing operations $ (0.61 )
Discontinued operations $ (1.18 )
  $ (1.79 )

 

     Fully-diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into shares of common stock. The net loss attributable to noncontrolling interests of the Operating Partnership has been excluded from the numerator and the related OP Units have been excluded from the denominator for the purpose of calculating diluted EPS as there would have been no effect had such amounts been included. The weighted average number of OP Units outstanding for 2011, 2010 and 2009 were 1,415,000, 1,814,000 and 2,014,000, respectively. In addition, warrants for the purchase of OP Units (83,000 for all periods) have been excluded as they were anti-dilutive for all periods presented.

     Dividends to common shareholders in 2011, 2010 and 2009 were $24,705,000 ($0.36 per share), $17,749,000 ($0.27 per share), and $9,742,000 ($0.2025 per share), respectively.