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Earnings Per Share
 6 Months Ended
Jun. 30, 2013
Earnings Per Share [Abstract]  
Earnings Per Share

Note 11. 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 June 30, 2013 and 2012, the Company had 4.0 million and 3.1 million, respectively, of weighted average unvested restricted shares outstanding. For the six months ended June 30, 2013 and 2012, the Company had 3.8 million and 3.1 million, respectively, of weighted average unvested restricted shares outstanding. The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three and six months ended June 30, 2013 and 2012, respectively:

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended June 30,

 

Six months ended June 30,

 

 

2013

 

2012

 

2013

 

2012

Numerator

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$          2,907,000 

 

$          4,644,000 

 

$          7,268,000 

 

$        (3,301,000)

Preferred stock dividends

 
(3,602,000)

 
(3,607,000)

 
(7,209,000)

 
(7,138,000)

Preferred stock redemption costs

 

 -

 
(382,000)

 
(1,166,000)

 
(382,000)

Net loss attributable to noncontrolling interests

 
99,000 

 
124,000 

 
106,000 

 
301,000 

Net earnings allocated to unvested shares

 
(198,000)

 
(295,000)

 
(371,000)

 
(448,000)

(Loss) income from continuing operations attributable to common

 

 

 

 

 

 

 

 

shareholders

 
(794,000)

 
484,000 

 
(1,372,000)

 
(10,968,000)

Results from discontinued operations, net of noncontrolling interests

 
1,573,000 

 
457,000 

 
1,066,000 

 
2,416,000 

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

 

$             779,000 

 

$             941,000 

 

$           (306,000)

 

$        (8,552,000)

 

 

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

 

 

Weighted average number of vested common shares outstanding

 
68,345,000 

 
68,038,000 

 
68,342,000 

 
67,787,000 

 

 

 

 

 

 

 

 

 

Earnings (loss) per common share, basic and fully diluted

 

 

 

 

 

 

 

 

Continuing operations

 

$                 (0.01)

 

$                   0.01 

 

$                 (0.02)

 

$                 (0.16)

Discontinued operations

 
0.02 

 

$                   0.00 

 
0.02 

 

$                   0.03 

 

 

$                   0.01 

 

$                   0.01 

 

$                   0.00 

 

$                 (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 281,000 and 462,000 for the three months ended June 30, 2013 and 2012, respectively, and 281,000 and 637,000 for the six months ended June 30, 2013 and 2012, 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.