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Earnings Per Share
 6 Months Ended
Jun. 30, 2019
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share
The components of the computation of basic and diluted EPS are as follows:
 
Three-Month
Period Ended
June 30, 2019
 
Six-Month
Period Ended
June 30, 2019
(In thousands except share amounts)
 
 
 
Net income (loss) attributable to common stockholders
$
12,644

 
$
28,052

Add: Net income (loss) attributable to Convertible Non-controlling Interests(1)
312

 
692

Net income (loss) related to common stockholders and Convertible Non-controlling Interests
12,956

 
28,744

Dividends Paid:
 
 
 
Common stockholders
(12,493
)
 
(28,853
)
Convertible Non-controlling Interests
(308
)
 
(712
)
Total dividends paid to common stockholders and Convertible Non-controlling Interests
(12,801
)
 
(29,565
)
Undistributed (Distributed in excess of) earnings:
 
 
 
Common stockholders
151

 
(801
)
Convertible Non-controlling Interests
4

 
(20
)
Total undistributed (distributed in excess of) earnings attributable to common stockholders and Convertible Non-controlling Interests
155

 
(821
)
Weighted average shares outstanding (basic and diluted):
 
 
 
Weighted average shares of common stock outstanding
29,745,776

 
29,746,652

Weighted average Convertible Non-controlling Interest Units outstanding
733,371

 
733,371

Weighted average shares of common stock and Convertible Non-controlling Interest Units outstanding
30,479,147

 
30,480,023

Basic earnings per share of common stock and Convertible Non-controlling Interest Unit:
 
 
 
Distributed
$
0.42

 
$
0.97

Undistributed (Distributed in excess of)
0.01

 
(0.03
)
 
$
0.43

 
$
0.94

Diluted earnings per share of common stock and Convertible Non-controlling Interest Unit:
 
 
 
Distributed
$
0.42

 
$
0.97

Undistributed (Distributed in excess of)
0.01

 
(0.03
)
 
$
0.43

 
$
0.94

(1)
For the three- and six- month periods ended June 30, 2019, excludes net income (loss) of $0.7 million and $1.4 million, respectively, attributable to joint venture partners, which have non-participating interests as described in Note 15.
Earnings Per Share
The components of the computation of basic and diluted EPS were as follows:
 
 
Three-Month Period Ended June 30, 2018
 
Six-Month Period Ended June 30, 2018
(In thousands except share amounts)
 
 
 
 
Net increase in shareholders' equity resulting from operations
 
$
21,193

 
$
42,232

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

 
289

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

 
42,521

Net increase in shareholders' equity resulting from operations available to common share and LTIP Unit holders:
 
 
 
 
Net increase in shareholders' equity resulting from operations– common shares
 
20,853

 
41,561

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

 
671

Dividends Paid(2):
 
 
 
 
Common shareholders
 
(12,361
)
 
(24,923
)
LTIP Unit holders
 
(202
)
 
(404
)
Non-controlling interest
 
(87
)
 
(174
)
Total dividends paid to common shareholders, LTIP Unit holders, and non-controlling interest
 
(12,650
)
 
(25,501
)
Undistributed (Distributed in excess of) earnings:
 
 
 
 
Common shareholders
 
8,492

 
16,638

LTIP Unit holders
 
138

 
267

Non-controlling interest
 
59

 
115

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

 
$
17,020

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

 
30,514,702

Weighted average participating LTIP Units
 
492,882

 
492,263

Weighted average non-controlling interest units
 
212,000

 
212,000

Basic earnings per common share:
 
 
 
 
Distributed
 
$
0.41

 
$
0.82

Undistributed (Distributed in excess of)
 
0.28

 
0.54

 
 
$
0.69

 
$
1.36

Diluted earnings per common share:
 
 
 
 
Distributed
 
$
0.41

 
$
0.82

Undistributed (Distributed in excess of)
 
0.28

 
0.54

 
 
$
0.69

 
$
1.36

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