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Earnings Per Share
 6 Months Ended
Jun. 30, 2018
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,
 
 
2018
 
2017
 
2018
 
2017
(In thousands except share amounts)
 
 
 
 
 
 
 
 
Net increase (decrease) in shareholders' equity resulting from operations
 
$
21,193

 
$
5,064

 
$
42,232

 
$
20,342

Add: Net increase (decrease) in equity resulting from operations attributable to the participating non-controlling interest(1)
 
146

 
33

 
289

 
132

Net increase (decrease) in equity resulting from operations related to common shares, LTIP Unit holders, and participating non-controlling interest
 
21,339

 
5,097

 
42,521

 
20,474

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
 
20,853

 
4,991

 
41,561

 
20,049

Net increase (decrease) in shareholders' equity resulting from operations– LTIP Units
 
340

 
73

 
671

 
293

Dividends Paid(2):
 
 
 
 
 
 
 
 
Common shareholders
 
(12,361
)
 
(14,451
)
 
(24,923
)
 
(28,965
)
LTIP Unit holders
 
(202
)
 
(211
)
 
(404
)
 
(423
)
Non-controlling interest
 
(87
)
 
(95
)
 
(174
)
 
(191
)
Total dividends paid to common shareholders, LTIP Unit holders, and non-controlling interest
 
(12,650
)
 
(14,757
)
 
(25,501
)
 
(29,579
)
Undistributed (Distributed in excess of) earnings:
 
 
 
 
 
 
 
 
Common shareholders
 
8,492

 
(9,460
)
 
16,638

 
(8,916
)
LTIP Unit holders
 
138

 
(138
)
 
267

 
(130
)
Non-controlling interest
 
59

 
(62
)
 
115

 
(59
)
Total undistributed (distributed in excess of) earnings attributable to common shareholders, LTIP Unit holders, and non-controlling interest
 
$
8,689

 
$
(9,660
)
 
$
17,020

 
$
(9,105
)
Weighted average shares outstanding (basic and diluted):
 
 
 
 
 
 
 
 
Weighted average common shares outstanding
 
30,202,262

 
32,117,492

 
30,514,702

 
32,182,690

Weighted average participating LTIP Units
 
492,882

 
469,539

 
492,263

 
469,539

Weighted average non-controlling interest units
 
212,000

 
212,000

 
212,000

 
212,000

Basic earnings per common share:
 
 
 
 
 
 
 
 
Distributed
 
$
0.41

 
$
0.45

 
$
0.82

 
$
0.90

Undistributed (Distributed in excess of)
 
0.28

 
(0.29
)
 
0.54

 
(0.28
)
 
 
$
0.69

 
$
0.16

 
$
1.36

 
$
0.62

Diluted earnings per common share:
 
 
 
 
 
 
 
 
Distributed
 
$
0.41

 
$
0.45

 
$
0.82

 
$
0.90

Undistributed (Distributed in excess of)
 
0.28

 
(0.29
)
 
0.54

 
(0.28
)
 
 
$
0.69

 
$
0.16

 
$
1.36

 
$
0.62

(1)
For the three-month periods ended June 30, 2018 and 2017, excludes net increase (decrease) in equity resulting from operations of $0.8 million and $0.3 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, 2018 and 2017, excludes net increase (decrease) in equity resulting from operations of $1.0 million and $0.7 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.