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Earnings Per Share
 12 Months Ended
Dec. 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:
 
 
Year Ended December 31,
 
 
2017
 
2016
 
2015
(In thousands except share amounts)
 
 
 
 
 
 
Net increase (decrease) in shareholders' equity resulting from operations
 
$
33,981

 
$
(16,007
)
 
$
38,089

Add: Net increase (decrease) in equity resulting from operations attributable to the participating non-controlling interest(1)
 
221

 
(101
)
 
239

Net increase (decrease) in equity resulting from operations related to common shares, LTIP Unit holders, and participating non-controlling interest
 
34,202

 
(16,108
)
 
38,328

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
 
33,487

 
(15,789
)
 
37,604

Net increase (decrease) in shareholders' equity resulting from operations– LTIP Units
 
494

 
(218
)
 
485

Dividends Paid(2):
 
 
 
 
 
 
Common shareholders
 
(56,434
)
 
(63,855
)
 
(81,886
)
LTIP Unit holders
 
(829
)
 
(880
)
 
(1,054
)
Non-controlling interest
 
(373
)
 
(413
)
 
(520
)
Total dividends paid to common shareholders, LTIP Unit holders, and non-controlling interest
 
(57,636
)
 
(65,148
)
 
(83,460
)
Undistributed (Distributed in excess of) earnings:
 
 
 
 
 
 
Common shareholders
 
(22,947
)
 
(79,644
)
 
(44,282
)
LTIP Unit holders
 
(335
)
 
(1,098
)
 
(569
)
Non-controlling interest
 
(152
)
 
(514
)
 
(281
)
Total undistributed (distributed in excess of) earnings attributable to common shareholders, LTIP Unit holders, and non-controlling interest
 
$
(23,434
)
 
$
(81,256
)
 
$
(45,132
)
Weighted average shares outstanding (basic and diluted):
 
 
 
 
 
 
Weighted average common shares outstanding
 
32,062,091

 
32,758,050

 
33,422,053

Weighted average participating LTIP Units
 
472,527

 
452,436

 
431,640

Weighted average non-controlling interest units
 
212,000

 
212,000

 
212,000

Basic earnings per common share:
 
 
 
 
 
 
Distributed
 
$
1.76

 
$
1.95

 
$
2.45

Undistributed (Distributed in excess of)
 
(0.72
)
 
(2.43
)
 
(1.32
)
 
 
$
1.04

 
$
(0.48
)
 
$
1.13

Diluted earnings per common share:
 
 
 
 
 
 
Distributed
 
$
1.76

 
$
1.95

 
$
2.45

Undistributed (Distributed in excess of)
 
(0.72
)
 
(2.43
)
 
(1.32
)
 
 
$
1.04

 
$
(0.48
)
 
$
1.13

(1)
For the years ended December 31, 2017, 2016, and 2015, excludes net increase in equity resulting from operations of $1.8 million, $0.4 million, and $0.1 million, respectively attributable to joint venture partners, which have non-participating interests as described in Note 11.
(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.