XML 37 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
Earnings Per Share
 9 Months Ended
Sep. 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 September 30,
 
Nine-Month Period Ended September 30,
 
 
2018
 
2017
 
2018
 
2017
(In thousands except share amounts)
 
 
 
 
 
 
 
 
Net increase (decrease) in shareholders' equity resulting from operations
 
$
6,661

 
$
6,195

 
$
48,892

 
$
26,537

Add: Net increase (decrease) in equity resulting from operations attributable to the participating non-controlling interest(1)
 
46

 
41

 
335

 
172

Net increase (decrease) in equity resulting from operations related to common shares, LTIP Unit holders, and participating non-controlling interest
 
6,707

 
6,236

 
49,227

 
26,709

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
 
6,553

 
6,106

 
48,111

 
26,155

Net increase (decrease) in shareholders' equity resulting from operations– LTIP Units
 
108

 
89

 
781

 
382

Dividends Paid(2):
 
 
 
 
 
 
 
 
Common shareholders
 
(12,362
)
 
(14,451
)
 
(37,285
)
 
(43,416
)
LTIP Unit holders
 
(202
)
 
(211
)
 
(606
)
 
(634
)
Non-controlling interest
 
(87
)
 
(96
)
 
(261
)
 
(286
)
Total dividends paid to common shareholders, LTIP Unit holders, and non-controlling interest
 
(12,651
)
 
(14,758
)
 
(38,152
)
 
(44,336
)
Undistributed (Distributed in excess of) earnings:
 
 
 
 
 
 
 
 
Common shareholders
 
(5,809
)
 
(8,345
)
 
10,826

 
(17,261
)
LTIP Unit holders
 
(94
)
 
(122
)
 
175

 
(252
)
Non-controlling interest
 
(41
)
 
(55
)
 
74

 
(114
)
Total undistributed (distributed in excess of) earnings attributable to common shareholders, LTIP Unit holders, and non-controlling interest
 
$
(5,944
)
 
$
(8,522
)
 
$
11,075

 
$
(17,627
)
Weighted average shares outstanding (basic and diluted):
 
 
 
 
 
 
 
 
Weighted average common shares outstanding
 
30,151,753

 
32,095,675

 
30,392,390

 
32,153,366

Weighted average participating LTIP Units
 
495,212

 
471,057

 
493,257

 
470,050

Weighted average non-controlling interest units
 
212,000

 
212,000

 
212,000

 
212,000

Basic earnings per common share:
 
 
 
 
 
 
 
 
Distributed
 
$
0.41

 
$
0.45

 
$
1.23

 
$
1.35

Undistributed (Distributed in excess of)
 
(0.19
)
 
(0.26
)
 
0.35

 
(0.54
)
 
 
$
0.22

 
$
0.19

 
$
1.58

 
$
0.81

Diluted earnings per common share:
 
 
 
 
 
 
 
 
Distributed
 
$
0.41

 
$
0.45

 
$
1.23

 
$
1.35

Undistributed (Distributed in excess of)
 
(0.19
)
 
(0.26
)
 
0.35

 
(0.54
)
 
 
$
0.22

 
$
0.19

 
$
1.58

 
$
0.81

(1)
For the three-month periods ended September 30, 2018 and 2017, excludes net increase (decrease) in equity resulting from operations of $0.8 million and $0.4 million, respectively, attributable to joint venture partners, which have non-participating interests as described in Note 11. For the nine-month periods ended September 30, 2018 and 2017, excludes net increase (decrease) in equity resulting from operations of $1.8 million and $1.1 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.