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Earnings Per Share
 9 Months Ended
Sep. 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 September 30,
 
Nine Month Period Ended September 30,
 
 
2017
 
2016
 
2017
 
2016
(In thousands except share amounts)
 
 
 
 
 
 
 
 
Net increase (decrease) in shareholders' equity resulting from operations
 
$
6,195

 
$
516

 
$
26,537

 
$
(17,699
)
Add: Net increase (decrease) in equity resulting from operations attributable to the participating non-controlling interest(1)
 
41

 
3

 
172

 
(112
)
Net increase (decrease) in equity resulting from operations related to common shares, LTIP Unit holders, and participating non-controlling interest
 
6,236

 
519

 
26,709

 
(17,811
)
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
 
6,106

 
509

 
26,155

 
(17,460
)
Net increase (decrease) in shareholders' equity resulting from operations– LTIP Units
 
89

 
7

 
382

 
(239
)
Dividends Paid(2):
 
 
 
 
 
 
 
 
Common shareholders
 
(14,451
)
 
(16,309
)
 
(43,416
)
 
(49,263
)
LTIP Unit holders
 
(211
)
 
(225
)
 
(634
)
 
(675
)
Non-controlling interest
 
(96
)
 
(106
)
 
(286
)
 
(318
)
Total dividends paid to common shareholders, LTIP Unit holders, and non-controlling interest
 
(14,758
)
 
(16,640
)
 
(44,336
)
 
(50,256
)
Undistributed (Distributed in excess of) earnings:
 
 
 
 
 
 
 
 
Common shareholders
 
(8,345
)
 
(15,800
)
 
(17,261
)
 
(66,723
)
LTIP Unit holders
 
(122
)
 
(218
)
 
(252
)
 
(914
)
Non-controlling interest
 
(55
)
 
(103
)
 
(114
)
 
(430
)
Total undistributed (distributed in excess of) earnings attributable to common shareholders, LTIP Unit holders, and non-controlling interest
 
$
(8,522
)
 
$
(16,121
)
 
$
(17,627
)
 
$
(68,067
)
Weighted average shares outstanding (basic and diluted):
 
 
 
 
 
 
 
 
Weighted average common shares outstanding
 
32,095,675

 
32,643,154

 
32,153,366

 
32,854,979

Weighted average participating LTIP Units
 
471,057

 
451,125

 
470,050

 
450,336

Weighted average non-controlling interest units
 
212,000

 
212,000

 
212,000

 
212,000

Basic earnings per common share:
 
 
 
 
 
 
 
 
Distributed
 
$
0.45

 
$
0.50

 
$
1.35

 
$
1.50

Undistributed (Distributed in excess of)
 
(0.26
)
 
(0.48
)
 
(0.54
)
 
(2.03
)
 
 
$
0.19

 
$
0.02

 
$
0.81

 
$
(0.53
)
Diluted earnings per common share:
 
 
 
 
 
 
 
 
Distributed
 
$
0.45

 
$
0.50

 
$
1.35

 
$
1.50

Undistributed (Distributed in excess of)
 
(0.26
)
 
(0.48
)
 
(0.54
)
 
(2.03
)
 
 
$
0.19

 
$
0.02

 
$
0.81

 
$
(0.53
)
(1)
For the three month periods ended September 30, 2017 and 2016, excludes net increase in equity resulting from operations of $0.4 million and $31 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, 2017 and 2016, excludes net increase in equity resulting from operations of $1.1 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.