preferred stock. Dividends on preferred stock are deducted from net income to arrive at net income allocable to common stockholders. For 2002 and all prior years, we have elected to follow Accounting Principles Board Opinion No. 25, “Accounting for Stock Issued to Employees” (“APB 25”) and related Interpretations in accounting for our employee and non-employee director stock options, stock grants and stock appreciation rights. Effective January 1, 2003, the Company adopted the fair value recognition provisions of Statement of Financial Accounting Standards No. 123, “Accounting for Stock-Based Compensation” (“SFAS 123”), prospectively to all employee awards granted, modified or settled after January 1, 2003.We did not grant any stock options in 2004 or 2003. Under APB 25, because the exercise price of the options we grant- ed equals the market price of the underlying stock on the date of grant, no compensation expense has been recognized.Although we have elected to follow APB 25 for previously granted options, pro forma information regarding net income and net income per share is required by SFAS 123.This information has been determined as if we had accounted for our stock options under the fair value method under SFAS 123.  For purposes of the following pro forma disclosures, the estimated fair value of the options is amor- tized to expense over the options’ vesting periods (in thousands, except per share information):  We view our operations as principally one segment and the financial information disclosed herein rep- resents all of the financial information related to our principal operating segment. As a REIT, we are not subject to federal income taxation as long as we meet a number of organizational and operational requirements and make distributions greater than or equal to 100% of our taxable income to our stockholders. Since we believe we have met these requirements and our distributions exceeded taxable income, no federal income tax provision has been reflected in the accompanying con- solidated financial statements for the years ended December 31, 2004, 2003 and 2002. If we fail to qual- ify as a REIT in any taxable year, we will be subject to federal income tax (including any applicable alternative minimum tax) on our taxable income at regular corporate tax rates.  During 2004, 2003 and 2002, we declared dividends on our common stock of $2.52, $2.20 and $2.00 per share, respectively. During 2004, 2003 and 2002, we declared dividends on our Series A cumulative redeemable preferred stock of $1.72847, $2.375 and $2.375 per share, respectively. During 2004, 2003 and 2002, we declared dividends on our Series B cumulative redeemable preferred stock of $2.275, $2.275 and $1.662 per share, respectively. During 2004, we declared dividends on our Series C cumu- lative redeemable preferred stock of $0.61649. See Note 9, Preferred Stock and Excess Stock. In March 2004, the Emerging Issues Task Force (“EITF”) of the Financial Accounting Standards Board (“FASB”) reached a consensus on Issue No. 03-1, “The Meaning of Other-Than-Temporary P 32 Impact of Recently Issued Accounting Standards Income Taxes Operating Segments Stock-Based Compensation Expense Year Ended December 31, 2004 2003 2002 Net income available to common stockholders, as reported $ 45,724 $ 50,745 $ 31,453 Fair value of stock-based compensation cost (1,323) (1,323) (1,174) Pro forma net income available to common stockholders $ 44,401 $ 49,422 $ 30,279 Income per common share: Basic - as reported $ 2.37 $ 2.67 $ 1.79 Basic - pro forma $ 2.30 $ 2.60 $ 1.72 Diluted - as reported $ 2.33 $ 2.64 $ 1.76 Diluted - pro forma $ 2.26 $ 2.57 $ 1.70