XML 53 R22.htm IDEA: XBRL DOCUMENT v2.4.1.9
Earnings Per Share
 3 Months Ended
Mar. 31, 2015
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,
 
 
2015
 
2014
(In thousands except share amounts)
 
 
 
 
Net increase in shareholders' equity resulting from operations
 
$
19,261

 
$
22,635

Add: Net increase in equity resulting from operations attributable to the participating non-controlling interest(1)
 
120

 
185

Net increase in equity resulting from operations related to common shares, LTIP unit holders, and participating non-controlling interest
 
19,381

 
22,820

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
 
19,017

 
22,275

Net increase in shareholders' equity resulting from operations– LTIP units
 
244

 
360

Dividends Paid(2):
 
 
 
 
Common shareholders
 
(21,743
)
 
(19,590
)
LTIP unit holders
 
(279
)
 
(317
)
Non-controlling interest
 
(137
)
 
(163
)
Total dividends paid to common shareholders, LTIP unit holders, and non-controlling interest
 
(22,159
)
 
(20,070
)
Undistributed (Distributed in excess of) earnings:
 
 
 
 
Common shareholders
 
(2,726
)
 
2,685

LTIP unit holders
 
(35
)
 
43

Non-controlling interest
 
(17
)
 
22

Total undistributed (distributed in excess of) earnings attributable to common shareholders, LTIP unit holders, and non-controlling interest
 
$
(2,778
)
 
$
2,750

Weighted average shares outstanding (basic and diluted):
 
 
 
 
Weighted average common shares outstanding
 
33,449,678

 
23,435,571

Weighted average participating LTIP units
 
429,314

 
411,052

Weighted average non-controlling interest units
 
212,000

 
212,000

Basic earnings per common share:
 
 
 
 
Distributed
 
$
0.65

 
$
0.77

Undistributed (Distributed in excess of)
 
(0.08
)
 
0.11

 
 
$
0.57

 
$
0.88

Diluted earnings per common share:
 
 
 
 
Distributed
 
$
0.65

 
$
0.77

Undistributed (Distributed in excess of)
 
(0.08
)
 
0.11

 
 
$
0.57

 
$
0.88

(1)
For the three month periods ended March 31, 2015 and 2014, excludes net increase in equity resulting from operations of $36.0 thousand and $18.0 thousand, respectively attributable to joint venture partners, which have 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.