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Earnings Per Share
 6 Months Ended
Jun. 30, 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 June 30,
 
Six Month Period Ended June 30,
 
 
2017
 
2016
 
2017
 
2016
(In thousands except share amounts)
 
 
 
 
 
 
 
 
Net increase (decrease) in shareholders' equity resulting from operations
 
$
5,064

 
$
4,985

 
$
20,342

 
$
(18,215
)
Add: Net increase (decrease) in equity resulting from operations attributable to the participating non-controlling interest(1)
 
33

 
32

 
132

 
(115
)
Net increase (decrease) in equity resulting from operations related to common shares, LTIP unit holders, and participating non-controlling interest
 
5,097

 
5,017

 
20,474

 
(18,330
)
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
 
4,991

 
4,918

 
20,049

 
(17,970
)
Net increase (decrease) in shareholders' equity resulting from operations– LTIP Units
 
73

 
67

 
293

 
(245
)
Dividends Paid(2):
 
 
 
 
 
 
 
 
Common shareholders
 
(14,451
)
 
(16,413
)
 
(28,965
)
 
(32,954
)
LTIP unit holders
 
(211
)
 
(225
)
 
(423
)
 
(450
)
Non-controlling interest
 
(95
)
 
(106
)
 
(191
)
 
(212
)
Total dividends paid to common shareholders, LTIP unit holders, and non-controlling interest
 
(14,757
)
 
(16,744
)
 
(29,579
)
 
(33,616
)
Undistributed (Distributed in excess of) earnings:
 
 
 
 
 
 
 
 
Common shareholders
 
(9,460
)
 
(11,495
)
 
(8,916
)
 
(50,924
)
LTIP unit holders
 
(138
)
 
(158
)
 
(130
)
 
(695
)
Non-controlling interest
 
(62
)
 
(74
)
 
(59
)
 
(327
)
Total undistributed (distributed in excess of) earnings attributable to common shareholders, LTIP unit holders, and non-controlling interest
 
$
(9,660
)
 
$
(11,727
)
 
$
(9,105
)
 
$
(51,946
)
Weighted average shares outstanding (basic and diluted):
 
 
 
 
 
 
 
 
Weighted average common shares outstanding
 
32,117,492

 
32,840,429

 
32,182,690

 
32,962,056

Weighted average participating LTIP Units
 
469,539

 
449,938

 
469,539

 
449,938

Weighted average non-controlling interest units
 
212,000

 
212,000

 
212,000

 
212,000

Basic earnings per common share:
 
 
 
 
 
 
 
 
Distributed
 
$
0.45

 
$
0.50

 
$
0.90

 
$
1.00

Undistributed (Distributed in excess of)
 
(0.29
)
 
(0.35
)
 
(0.28
)
 
(1.54
)
 
 
$
0.16

 
$
0.15

 
$
0.62

 
$
(0.54
)
Diluted earnings per common share:
 
 
 
 
 
 
 
 
Distributed
 
$
0.45

 
$
0.50

 
$
0.90

 
$
1.00

Undistributed (Distributed in excess of)
 
(0.29
)
 
(0.35
)
 
(0.28
)
 
(1.54
)
 
 
$
0.16

 
$
0.15

 
$
0.62

 
$
(0.54
)
(1)
For the three month periods ended June 30, 2017 and 2016, excludes net increase in equity resulting from operations of $0.3 million and $(0.1) million, respectively, attributable to joint venture partners, which have non-participating interests as described in Note 9. For the six month periods ended June 30, 2017 and 2016, excludes net increase in equity resulting from operations of $0.7 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.