XML 74 R20.htm IDEA: XBRL DOCUMENT v2.4.0.8
Earnings Per Share
 9 Months Ended
Sep. 30, 2013
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share
The components of the computation of basic and diluted EPS were as follows:
 
Three Month Period Ended
September 30,
 
Nine Month Period Ended
September 30,
 
2013
 
2012
 
2013
 
2012
(In thousands except share amounts)
 
 
 
 
 
 
 
Net increase in equity resulting from operations
$
11,823

 
$
29,537

 
$
64,274

 
$
72,360

Less: Net increase in equity resulting from operations attributable to non-controlling interest
96

 
—

 
612

 
—

Net increase in shareholders' equity resulting from operations
11,727

 
29,537

 
63,662

 
72,360

Net increase in shareholders' equity resulting from operations available to common share and LTIP unit holders:
 
 
 
 
 
 
 
Net increase in shareholders' equity resulting from operations– common shares
11,546

 
28,914

 
62,579

 
70,736

Net increase in shareholders' equity resulting from operations– LTIP units
181

 
623

 
1,083

 
1,624

Dividends Paid(1):
 
 
 
 
 
 
 
Common shareholders
(19,571
)
 
(13,971
)
 
(70,152
)
 
(32,063
)
LTIP unit holders
(306
)
 
(273
)
 
(1,216
)
 
(703
)
Non-controlling interest
(163
)
 
—

 
(648
)
 
—

Total dividends paid to common shareholders, LTIP unit holders, and non-controlling interest
(20,040
)
 
(14,244
)
 
(72,016
)
 
(32,766
)
Undistributed earnings:
 
 
 
 
 
 
 
Common shareholders
(8,025
)
 
14,943

 
(7,573
)
 
38,673

LTIP unit holders
(125
)
 
350

 
(133
)
 
921

Non-controlling interest
(67
)
 
—

 
(36
)
 
—

Total undistributed earnings attributable to common shareholders, LTIP unit holders, and non-controlling interest
$
(8,217
)
 
$
15,293

 
$
(7,742
)
 
$
39,594

Weighted average shares outstanding (basic and diluted):
 
 
 
 
 
 
 
Weighted average common shares outstanding
25,415,809

 
18,161,224

 
22,968,604

 
17,023,011

Weighted average participating LTIP units
397,897

 
391,604

 
397,366

 
390,871

Weighted average non-controlling interest units
212,000

 
—

 
212,000

 
—

Basic earnings per common share:
 
 
 
 
 
 
 
Distributed
$
0.77

 
$
0.70

 
$
3.06

 
$
1.80

Undistributed (Distributed in excess of)
(0.32
)
 
0.89

 
(0.33
)
 
2.35

 
$
0.45

 
$
1.59

 
$
2.73

 
$
4.15

Diluted earnings per common share:
 
 
 
 
 
 
 
Distributed
$
0.77

 
$
0.70

 
$
3.06

 
$
1.80

Undistributed (Distributed in excess of)
(0.32
)
 
0.89

 
(0.33
)
 
2.35

 
$
0.45

 
$
1.59

 
$
2.73

 
$
4.15

(1)
The Company pays quarterly dividends in arrears, so a portion of the dividends paid in each calendar year relate to the prior year's earnings.