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Earnings Per Share
 12 Months Ended
Dec. 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:
 
 
Year Ended December 31,
 
 
2015
 
2014
 
2013
(In thousands except share amounts)
 
 
 
 
 
 
Net increase in shareholders' equity resulting from operations
 
$
38,089

 
$
59,167

 
$
78,524

Add: Net increase in equity resulting from operations attributable to the participating non-controlling interest(1)
 
239

 
472

 
735

Net increase in equity resulting from operations related to common shares, LTIP unit holders, and participating non-controlling interest
 
38,328

 
59,639

 
79,259

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
 
37,604

 
58,306

 
77,219

Net increase in shareholders' equity resulting from operations– LTIP units
 
485

 
861

 
1,305

Dividends Paid(2):
 
 
 
 
 
 
Common shareholders
 
(81,886
)
 
(84,527
)
 
(89,732
)
LTIP unit holders
 
(1,054
)
 
(1,269
)
 
(1,524
)
Non-controlling interest
 
(520
)
 
(653
)
 
(811
)
Total dividends paid to common shareholders, LTIP unit holders, and non-controlling interest
 
(83,460
)
 
(86,449
)
 
(92,067
)
Undistributed (Distributed in excess of) earnings:
 
 
 
 
 
 
Common shareholders
 
(44,282
)
 
(26,221
)
 
(12,513
)
LTIP unit holders
 
(569
)
 
(408
)
 
(219
)
Non-controlling interest
 
(281
)
 
(181
)
 
(76
)
Total undistributed (distributed in excess of) earnings attributable to common shareholders, LTIP unit holders, and non-controlling interest
 
$
(45,132
)
 
$
(26,810
)
 
$
(12,808
)
Weighted average shares outstanding (basic and diluted):
 
 
 
 
 
 
Weighted average common shares outstanding
 
33,422,053

 
27,962,304

 
23,587,692

Weighted average participating LTIP units
 
431,640

 
413,105

 
398,789

Weighted average non-controlling interest units
 
212,000

 
212,000

 
212,000

Basic earnings per common share:
 
 
 
 
 
 
Distributed
 
$
2.45

 
$
3.08

 
$
3.83

Undistributed (Distributed in excess of)
 
(1.32
)
 
(0.99
)
 
(0.55
)
 
 
$
1.13

 
$
2.09

 
$
3.28

Diluted earnings per common share:
 
 
 
 
 
 
Distributed
 
$
2.45

 
$
3.08

 
$
3.83

Undistributed (Distributed in excess of)
 
(1.32
)
 
(0.99
)
 
(0.55
)
 
 
$
1.13

 
$
2.09

 
$
3.28

(1)
For the years ended December 31, 2015, 2014, and 2013, excludes net increase in equity resulting from operations of $0.1 million, $0.3 million, and $0.1 million, 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.