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Earnings Per Share
 3 Months Ended
Mar. 31, 2014
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
March 31,
 
 
2014
 
2013
(In thousands except share amounts)
 
 
 
 
Net increase in shareholders' equity resulting from operations
 
$
22,635

 
$
40,335

Add: Net increase in equity resulting from operations attributable to the participating non-controlling interest(1)
 
185

 
411

Net increase in equity resulting from operations related to common shares, LTIP unit holders, and participating non-controlling interest
 
22,820

 
40,746

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
 
22,275

 
39,564

Net increase in shareholders' equity resulting from operations– LTIP units
 
360

 
771

Dividends Paid(2):
 
 
 
 
Common shareholders
 
(19,590
)
 
(31,013
)
LTIP unit holders
 
(317
)
 
(604
)
Non-controlling interest
 
(163
)
 
(322
)
Total dividends paid to common shareholders, LTIP unit holders, and non-controlling interest
 
(20,070
)
 
(31,939
)
Undistributed (Distributed in excess of) earnings:
 
 
 
 
Common shareholders
 
2,685

 
8,551

LTIP unit holders
 
43

 
167

Non-controlling interest
 
22

 
89

Total undistributed (distributed in excess of) earnings attributable to common shareholders, LTIP unit holders, and non-controlling interest
 
$
2,750

 
$
8,807

Weighted average shares outstanding (basic and diluted):
 
 
 
 
Weighted average common shares outstanding
 
25,435,571

 
20,388,204

Weighted average participating LTIP units
 
411,052

 
397,096

Weighted average non-controlling interest units
 
212,000

 
212,000

Basic earnings per common share:
 
 
 
 
Distributed
 
$
0.77

 
$
1.52

Undistributed (Distributed in excess of)
 
0.11

 
0.42

 
 
$
0.88

 
$
1.94

Diluted earnings per common share:
 
 
 
 
Distributed
 
$
0.77

 
$
1.52

Undistributed (Distributed in excess of)
 
0.11

 
0.42

 
 
$
0.88

 
$
1.94

(1)
For the three month period ended March 31, 2014, excludes net increase in equity resulting from operations of $18.0 thousand attributable to the joint venture partner, which has a non-participating interest as described in Note 7.
(2)
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.