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Earnings Per Share
 6 Months Ended
Jun. 30, 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
June 30,
 
Six Month Period Ended
June 30,
 
 
2014
 
2013
 
2014
 
2013
(In thousands except share amounts)
 
 
 
 
 
 
 
 
Net increase in shareholders' equity resulting from operations
 
$
20,947

 
$
11,600

 
$
43,582

 
$
51,935

Add: Net increase in equity resulting from operations attributable to the participating non-controlling interest(1)
 
172

 
105

 
357

 
516

Net increase in equity resulting from operations related to common shares, LTIP unit holders, and participating non-controlling interest
 
21,119

 
11,705

 
43,939

 
52,451

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
 
20,614

 
11,404

 
42,889

 
51,003

Net increase in shareholders' equity resulting from operations– LTIP units
 
333

 
196

 
693

 
932

Dividends Paid(2):
 
 
 
 
 
 
 
 
Common shareholders
 
(19,590
)
 
(19,567
)
 
(39,180
)
 
(50,581
)
LTIP unit holders
 
(317
)
 
(306
)
 
(633
)
 
(910
)
Non-controlling interest
 
(163
)
 
(163
)
 
(327
)
 
(485
)
Total dividends paid to common shareholders, LTIP unit holders, and non-controlling interest
 
(20,070
)
 
(20,036
)
 
(40,140
)
 
(51,976
)
Undistributed (Distributed in excess of) earnings:
 
 
 
 
 
 
 
 
Common shareholders
 
1,024

 
(8,163
)
 
3,709

 
422

LTIP unit holders
 
16

 
(110
)
 
60

 
22

Non-controlling interest
 
9

 
(58
)
 
30

 
31

Total undistributed (distributed in excess of) earnings attributable to common shareholders, LTIP unit holders, and non-controlling interest
 
$
1,049

 
$
(8,331
)
 
$
3,799

 
$
475

Weighted average shares outstanding (basic and diluted):
 
 
 
 
 
 
 
 
Weighted average common shares outstanding
 
25,441,750

 
23,046,550

 
25,438,677

 
21,724,721

Weighted average participating LTIP units
 
411,052

 
397,096

 
411,052

 
397,096

Weighted average non-controlling interest units
 
212,000

 
212,000

 
212,000

 
212,000

Basic earnings per common share:
 
 
 
 
 
 
 
 
Distributed
 
$
0.77

 
$
0.77

 
$
1.54

 
$
2.29

Undistributed (Distributed in excess of)
 
0.04

 
(0.28
)
 
0.15

 
0.06

 
 
$
0.81

 
$
0.49

 
$
1.69

 
$
2.35

Diluted earnings per common share:
 
 
 
 
 
 
 
 
Distributed
 
$
0.77

 
$
0.77

 
$
1.54

 
$
2.29

Undistributed (Distributed in excess of)
 
0.04

 
(0.28
)
 
0.15

 
0.06

 
 
$
0.81

 
$
0.49

 
$
1.69

 
$
2.35

(1)
For the three and six month periods ended June 30, 2014, excludes net increase in equity resulting from operations of $85.0 thousand and $103.0 thousand, respectively attributable to the joint venture partner, which has a non-participating interest as described in Note 9.
(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.