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Earnings Per Share
 12 Months Ended
Dec. 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:
 
 
Year Ended December 31,
 
 
2014
 
2013
 
2012
(In thousands except share amounts)
 
 
 
 
 
 
Net increase in shareholders' equity resulting from operations
 
$
59,167

 
$
78,524

 
$
97,146

Add: Net increase in equity resulting from operations attributable to the participating non-controlling interest(1)
 
472

 
735

 
—

Net increase in equity resulting from operations related to common shares, LTIP unit holders, and participating non-controlling interest
 
59,639

 
79,259

 
97,146

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
 
58,306

 
77,219

 
95,064

Net increase in shareholders' equity resulting from operations– LTIP units
 
861

 
1,305

 
2,082

Dividends Paid(2):
 
 
 
 
 
 
Common shareholders
 
(84,527
)
 
(89,732
)
 
(46,433
)
LTIP unit holders
 
(1,269
)
 
(1,524
)
 
(979
)
Non-controlling interest
 
(653
)
 
(811
)
 
—

Total dividends paid to common shareholders, LTIP unit holders, and non-controlling interest
 
(86,449
)
 
(92,067
)
 
(47,412
)
Undistributed (Distributed in excess of) earnings:
 
 
 
 
 
 
Common shareholders
 
(26,221
)
 
(12,513
)
 
48,631

LTIP unit holders
 
(408
)
 
(219
)
 
1,103

Non-controlling interest
 
(181
)
 
(76
)
 
—

Total undistributed (distributed in excess of) earnings attributable to common shareholders, LTIP unit holders, and non-controlling interest
 
$
(26,810
)
 
$
(12,808
)
 
$
49,734

Weighted average shares outstanding (basic and diluted):
 
 
 
 
 
 
Weighted average common shares outstanding
 
27,962,304

 
23,587,692

 
17,897,996

Weighted average participating LTIP units
 
413,105

 
398,789

 
391,944

Weighted average non-controlling interest units
 
212,000

 
212,000

 
—

Basic earnings per common share:
 
 
 
 
 
 
Distributed
 
$
3.08

 
$
3.83

 
$
2.50

Undistributed (Distributed in excess of)
 
(0.99
)
 
(0.55
)
 
2.81

 
 
$
2.09

 
$
3.28

 
$
5.31

Diluted earnings per common share:
 
 
 
 
 
 
Distributed
 
$
3.08

 
$
3.83

 
$
2.50

Undistributed (Distributed in excess of)
 
(0.99
)
 
(0.55
)
 
2.81

 
 
$
2.09

 
$
3.28

 
$
5.31

(1)
For the years ended December 31, 2014 and 2013, excludes net increase in equity resulting from operations of $0.3 million and $0.1 million, respectively attributable to the joint venture partner, which has non-participating interests 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.