Earning Per Share

3 Months Ended

Mar. 31, 2012

Note 12. Earnings 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 share-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 the three months ended March 31, 2012, the Company had 3.0 million weighted average unvested restricted shares outstanding. EPS for the three months ended March 31, 2011 is calculated based on the data presented on the face of the consolidated statement of operations for that period. The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three months ended March 31, 2012:


Numerator
(Loss) from continuing operations		$ (7,922,000)
Preferred distribution requirements		(3,531,000)
Less, net loss attributable to noncontrolling interests		180,000
Less, earnings allocated to unvested shares		(153,000)
(Loss) from continuing operations available for common shareholders		(11,426,000)
Results from discontinued operations, net of noncontrolling interests		1,933,000
Net (loss) available for common shareholders, basic and diluted		$ (9,493,000)

Denominator
Weighted average number of vested common shares outstanding		67,535,000

Earnings (loss) per common share, basic and diluted
Continuing operations		$ (0.17)
Discontinued operations		0.03
		$ (0.14)

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 the three months ended March 31, 2012 and 2011 were 810,000 and 1,415,000, respectively. In addition, warrants for the purchase of OP Units (83,000 for both periods) have been excluded as they were anti-dilutive for both periods.

- Definition

The entire disclosure for earnings per share.

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