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Earnings Per Share
 12 Months Ended
Dec. 31, 2012
Earnings Per Share [Abstract]  
Earnings Per Share

Note 20. 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 2012 and 2011, the Company had 3.3 million and 2.3 million, respectively, of weighted average unvested restricted shares outstanding. EPS for 2010 is calculated based on the data presented on the face of the consolidated statements of operations. The following table provides a reconciliation of the numerator and denominator of the EPS calculations for 2012 and 2011, respectively:

 

 

 

 

 

 

 

 

Years ended December 31,

 

 

2012

 

2011

 

 

 

 

 

Numerator

 

 

 

 

Income (loss) from continuing operations

 

$       25,377,000 

 

$    (26,068,000)

Preferred stock dividends

 
(14,819,000)

 
(14,200,000)

Preferred stock redemption costs

 
(4,998,000)

 

 -

Net loss attributable to noncontrolling interests

 
375,000 

 
920,000 

Net earnings allocated to unvested shares

 
(806,000)

 
(810,000)

Income (loss) from continuing operations attributable to common shareholders

 
5,129,000 

 
(40,158,000)

Results from discontinued operations, net of noncontrolling interests

 
3,954,000 

 
(78,413,000)

Net income (loss) attributable to common shareholders, basic and diluted

 

$         9,083,000 

 

$  (118,571,000)

 

 

 

 

 

Denominator

 

 

 

 

Weighted average number of vested common shares outstanding

 
68,017,000 

 
66,387,000 

 

 

 

 

 

Earnings (loss) per common share, basic and diluted

 

 

 

 

Continuing operations

 

$                  0.07 

 

$               (0.61)

Discontinued operations

 

$                  0.06 

 

$               (1.18)

 

 

$                  0.13 

 

$               (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 2012, 2011 and 2010 were 459,000, 1,415,000 and 1,814,000, respectively. In addition, warrants for the purchase of OP Units, which expired on May 31, 2012, have been excluded as they were anti-dilutive for all applicable periods.