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Earnings Per Share
 3 Months Ended
Mar. 31, 2017
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,
 
 
2017
 
2016
(In thousands except share amounts)
 
 
 
 
Net increase (decrease) in shareholders' equity resulting from operations
 
$
15,278

 
$
(23,200
)
Add: Net increase (decrease) in equity resulting from operations attributable to the participating non-controlling interest(1)
 
99

 
(147
)
Net increase (decrease) in equity resulting from operations related to common shares, LTIP unit holders, and participating non-controlling interest
 
15,377

 
(23,347
)
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
 
15,059

 
(22,889
)
Net increase (decrease) in shareholders' equity resulting from operations– LTIP Units
 
219

 
(311
)
Dividends Paid(2):
 
 
 
 
Common shareholders
 
(14,515
)
 
(16,541
)
LTIP unit holders
 
(211
)
 
(225
)
Non-controlling interest
 
(95
)
 
(106
)
Total dividends paid to common shareholders, LTIP unit holders, and non-controlling interest
 
(14,821
)
 
(16,872
)
Undistributed (Distributed in excess of) earnings:
 
 
 
 
Common shareholders
 
544

 
(39,430
)
LTIP unit holders
 
8

 
(536
)
Non-controlling interest
 
4

 
(253
)
Total undistributed (distributed in excess of) earnings attributable to common shareholders, LTIP unit holders, and non-controlling interest
 
$
556

 
$
(40,219
)
Weighted average shares outstanding (basic and diluted):
 
 
 
 
Weighted average common shares outstanding
 
32,248,613

 
33,083,682

Weighted average participating LTIP Units
 
469,539

 
449,938

Weighted average non-controlling interest units
 
212,000

 
212,000

Basic earnings per common share:
 
 
 
 
Distributed
 
$
0.45

 
$
0.50

Undistributed (Distributed in excess of)
 
0.02

 
(1.19
)
 
 
$
0.47

 
$
(0.69
)
Diluted earnings per common share:
 
 
 
 
Distributed
 
$
0.45

 
$
0.50

Undistributed (Distributed in excess of)
 
0.02

 
(1.19
)
 
 
$
0.47

 
$
(0.69
)
(1)
For the three month periods ended March 31, 2017 and 2016, excludes net increase in equity resulting from operations of $0.4 million and $0.2 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.