Earnings Per Share

6 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share

8. Earnings Per Share

The components of the computation of basic and diluted EPS were as follows:

		Three Month Period Ended June 30,						Six Month Period Ended June 30,
		2012			2011			2012			2011
(In thousands except share amounts)
Net increase (decrease) in shareholders' equity resulting from operations	$	10,768		$	(1,321	)	$	42,823		$	9,786
Net increase (decrease) in shareholders' equity resulting from operations available to
common share and LTIP holders:		10,768			(1,321	)		42,823			9,786
Net increase (decrease) in shareholders' equity resulting from operations - common shares		10,518			(1,291	)		41,830			9,563
Net increase (decrease) in shareholders' equity resulting from operations - LTIPs		250			(30	)		993			223
Dividends Paid:
Common Shares		(11,513	)		(6,603	)		(18,092	)		(28,225	)
LTIPs		(274	)		(154	)		(430	)		(658	)
Total dividends paid to common share and LTIP holders		(11,787	)		(6,757	)		(18,522	)		(28,883	)
Undistributed earnings:
Common Shares		(995	)		(7,894	)		23,738			(18,662	)
LTIPs		(24	)		(184	)		563			(435	)
Total undistributed earnings attributable to common share and LTIP holders	$	(1,019	)	$	(8,078	)	$	24,301		$	(19,097	)
Weighted average shares outstanding (basic and diluted):
Weighted average common shares outstanding		16,447,651			16,506,453			16,447,651			16,503,940
Weighted average participating LTIPs		390,500			385,000			390,500			385,000
Basic earnings per common share:
Distributed	$	0.70		$	0.40		$	1.10		$	1.71
Undistributed		(0.06	)		(0.48	)		1.44			(1.13	)
	$	0.64		$	(0.08	)	$	2.54		$	0.58
Diluted earnings per common share:
Distributed	$	0.70		$	0.40		$	1.10		$	1.71
Undistributed		(0.06	)		(0.48	)		1.44			(1.13	)
	$	0.64		$	(0.08	)	$	2.54		$	0.58

     The Company pays quarterly dividends in arrears. Dividends paid in the table above relate to the respective period's prior period earnings.