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Earning Per Share | 6 Months Ended
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Jun. 30, 2012
Earnings Per Share [Abstract] |
Earnings Per Share | 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 and six months ended June 30, 2012, the Company had 3.1 million and 3.1 million, respectively, of weighted average unvested restricted shares outstanding. EPS for the three and six months ended June 30, 2011 are calculated based on the data presented on the face of the consolidated statement of operations for those periods. The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three and six months ended June 30, 2012:
|  | Three months ended |  | Six months ended
|  | June 30, 2012 |  | June 30, 2012
Numerator |  |  |  |
Income (loss) from continuing operations |  | $ 4,658,000 |  | $ (3,264,000)
Preferred stock dividends |  | (3,607,000) |  | (7,138,000)
Preferred stock redemption costs |  | (382,000) |  | (382,000)
Net loss attributable to noncontrolling interests |  | 124,000 |  | 301,000
Net earnings allocated to unvested shares |  | (295,000) |  | (448,000)
Income (loss) from continuing operations available for common shareholders |  | 498,000 |  | (10,931,000)
Results from discontinued operations, net of noncontrolling interests |  | 443,000 |  | 2,379,000
Net income (loss) available for common shareholders, basic and diluted |  | $ 941,000 |  | $ (8,552,000)
Denominator |  |  |  |
Weighted average number of vested common shares outstanding |  | 68,038,000 |  | 67,787,000
Earnings (loss) per common share, basic and diluted |  |  |  |
Continuing operations |  | $ 0.01 |  | $ (0.16)
Discontinued operations |  | $ 0.00 |  | $ 0.03
|  | $ 0.01 |  | $ (0.13)
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 was 462,000 and 1,415,000 for the three months ended June 30, 2012 and 2011, respectively and 637,000 and 1,415,000 for the six months ended June 30, 2012 and 2011, 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; such warrants expired on May 31, 2012.

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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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