| 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. |
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