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Earnings Per Share
 6 Months Ended
Jun. 30, 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 June 30,
 
Six Month Period Ended June 30,
 
 
2015
 
2014
 
2015
 
2014
(In thousands except share amounts)
 
 
 
 
 
 
 
 
Net increase in shareholders' equity resulting from operations
 
$
13,152

 
$
20,947

 
$
32,413

 
$
43,582

Add: Net increase in equity resulting from operations attributable to the participating non-controlling interest(1)
 
82

 
172

 
202

 
357

Net increase in equity resulting from operations related to common shares, LTIP unit holders, and participating non-controlling interest
 
13,234

 
21,119

 
32,615

 
43,939

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
 
12,985

 
20,614

 
32,002

 
42,889

Net increase in shareholders' equity resulting from operations– LTIP units
 
167

 
333

 
411

 
693

Dividends Paid(2):
 
 
 
 
 
 
 
 
Common shareholders
 
(21,742
)
 
(19,590
)
 
(43,486
)
 
(39,180
)
LTIP unit holders
 
(279
)
 
(317
)
 
(558
)
 
(633
)
Non-controlling interest
 
(138
)
 
(163
)
 
(274
)
 
(327
)
Total dividends paid to common shareholders, LTIP unit holders, and non-controlling interest
 
(22,159
)
 
(20,070
)
 
(44,318
)
 
(40,140
)
Undistributed (Distributed in excess of) earnings:
 
 
 
 
 
 
 
 
Common shareholders
 
(8,757
)
 
1,024

 
(11,484
)
 
3,709

LTIP unit holders
 
(112
)
 
16

 
(147
)
 
60

Non-controlling interest
 
(56
)
 
9

 
(72
)
 
30

Total undistributed (distributed in excess of) earnings attributable to common shareholders, LTIP unit holders, and non-controlling interest
 
$
(8,925
)
 
$
1,049

 
$
(11,703
)
 
$
3,799

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

 
25,441,750

 
33,449,678

 
25,438,677

Weighted average participating LTIP units
 
429,314

 
411,052

 
429,314

 
411,052

Weighted average non-controlling interest units
 
212,000

 
212,000

 
212,000

 
212,000

Basic earnings per common share:
 
 
 
 
 
 
 
 
Distributed
 
$
0.65

 
$
0.77

 
$
1.30

 
$
1.54

Undistributed (Distributed in excess of)
 
(0.26
)
 
0.04

 
(0.34
)
 
0.15

 
 
$
0.39

 
$
0.81

 
$
0.96

 
$
1.69

Diluted earnings per common share:
 
 
 
 
 
 
 
 
Distributed
 
$
0.65

 
$
0.77

 
$
1.30

 
$
1.54

Undistributed (Distributed in excess of)
 
(0.26
)
 
0.04

 
(0.34
)
 
0.15

 
 
$
0.39

 
$
0.81

 
$
0.96

 
$
1.69

(1)
For the three month periods ended June 30, 2015 and 2014, excludes net increase (decrease) in equity resulting from operations of $(11) thousand and $85 thousand, respectively attributable to joint venture partners, which have non-participating interests as described in Note 9. For the six month periods ended June 30, 2015 and 2014, excludes net increase in equity resulting from operations of $25 thousand and $103 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.