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Earnings Per Share
 9 Months Ended
Sep. 30, 2016
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 September 30,
 
Nine Month Period Ended September 30,
 
 
2016
 
2015
 
2016
 
2015
(In thousands except share amounts)
 
 
 
 
 
 
 
 
Net increase (decrease) in shareholders' equity resulting from operations
 
$
516

 
$
3,896

 
$
(17,699
)
 
$
36,309

Add: Net (decrease) increase in equity resulting from operations attributable to the participating non-controlling interest(1)
 
3

 
25

 
(112
)
 
227

Net increase (decrease) in equity resulting from operations related to common shares, LTIP unit holders, and participating non-controlling interest
 
519

 
3,921

 
(17,811
)
 
36,536

Net increase (decrease) in shareholders' equity resulting from operations available to common share and LTIP unit holders:
 
 
 
 
 
 
 
 
Net increase (decrease) in shareholders' equity resulting from operations– common shares
 
509

 
3,847

 
(17,460
)
 
35,849

Net increase (decrease) in shareholders' equity resulting from operations– LTIP units
 
7

 
49

 
(239
)
 
460

Dividends Paid(2):
 
 
 
 
 
 
 
 
Common shareholders
 
(16,309
)
 
(21,727
)
 
(49,263
)
 
(65,211
)
LTIP unit holders
 
(225
)
 
(279
)
 
(675
)
 
(837
)
Non-controlling interest
 
(106
)
 
(138
)
 
(318
)
 
(414
)
Total dividends paid to common shareholders, LTIP unit holders, and non-controlling interest
 
(16,640
)
 
(22,144
)
 
(50,256
)
 
(66,462
)
Undistributed (Distributed in excess of) earnings:
 
 
 
 
 
 
 
 
Common shareholders
 
(15,800
)
 
(17,880
)
 
(66,723
)
 
(29,362
)
LTIP unit holders
 
(218
)
 
(230
)
 
(914
)
 
(377
)
Non-controlling interest
 
(103
)
 
(113
)
 
(430
)
 
(187
)
Total undistributed (distributed in excess of) earnings attributable to common shareholders, LTIP unit holders, and non-controlling interest
 
$
(16,121
)
 
$
(18,223
)
 
$
(68,067
)
 
$
(29,926
)
Weighted average shares outstanding (basic and diluted):
 
 
 
 
 
 
 
 
Weighted average common shares outstanding
 
32,643,154

 
33,438,047

 
32,854,979

 
33,445,758

Weighted average participating LTIP units
 
451,125

 
430,267

 
450,336

 
429,635

Weighted average non-controlling interest units
 
212,000

 
212,000

 
212,000

 
212,000

Basic earnings per common share:
 
 
 
 
 
 
 
 
Distributed
 
$
0.50

 
$
0.65

 
$
1.50

 
$
1.95

Undistributed (Distributed in excess of)
 
(0.48
)
 
(0.53
)
 
(2.03
)
 
(0.88
)
 
 
$
0.02

 
$
0.12

 
$
(0.53
)
 
$
1.07

Diluted earnings per common share:
 
 
 
 
 
 
 
 
Distributed
 
$
0.50

 
$
0.65

 
$
1.50

 
$
1.95

Undistributed (Distributed in excess of)
 
(0.48
)
 
(0.53
)
 
(2.03
)
 
(0.88
)
 
 
$
0.02

 
$
0.12

 
$
(0.53
)
 
$
1.07

(1)
For the three month periods ended September 30, 2016 and 2015, excludes net increase in equity resulting from operations of $31 thousand and $6 thousand, respectively attributable to joint venture partners, which have non-participating interests as described in Note 9. For the nine month periods ended September 30, 2016 and 2015, excludes net increase in equity resulting from operations of $0.2 million and $32 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.