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Earnings Per Share
 9 Months Ended
Sep. 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
September 30, 2019
 
Nine-Month
Period Ended
September 30, 2019
(In thousands except share amounts)
 
 
 
Net income (loss) attributable to common stockholders
$
17,293

 
$
45,345

Add: Net income (loss) attributable to Convertible Non-controlling Interests(1)
387

 
1,079

Net income (loss) related to common stockholders and Convertible Non-controlling Interests
17,680

 
46,424

Dividends Paid:
 
 
 
Common stockholders
(14,185
)
 
(43,038
)
Convertible Non-controlling Interests
(309
)
 
(1,021
)
Total dividends paid to common stockholders and Convertible Non-controlling Interests
(14,494
)
 
(44,059
)
Undistributed (Distributed in excess of) earnings:
 
 
 
Common stockholders
3,108

 
2,307

Convertible Non-controlling Interests
78

 
58

Total undistributed (distributed in excess of) earnings attributable to common stockholders and Convertible Non-controlling Interests
$
3,186

 
$
2,365

Weighted average shares outstanding (basic and diluted):
 
 
 
Weighted average shares of common stock outstanding
32,835,652

 
30,787,634

Weighted average Convertible Non-controlling Interest Units outstanding
735,789

 
734,186

Weighted average shares of common stock and Convertible Non-controlling Interest Units outstanding
33,571,441

 
31,521,820

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

 
$
1.39

Undistributed (Distributed in excess of)
0.11

 
0.08

 
$
0.53

 
$
1.47

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

 
$
1.39

Undistributed (Distributed in excess of)
0.11

 
0.08

 
$
0.53

 
$
1.47

(1)
For the three- and nine-month periods ended September 30, 2019, excludes net income (loss) of $1.0 million and $2.4 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 September 30, 2018
 
Nine-Month
Period Ended September 30, 2018
(In thousands except share amounts)
 
 
 
 
Net increase in shareholders' equity resulting from operations
 
$
6,661

 
$
48,892

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

 
335

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

 
49,227

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
 
6,553

 
48,111

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

 
781

Dividends Paid(2):
 
 
 
 
Common shareholders
 
(12,362
)
 
(37,285
)
LTIP Unit holders
 
(202
)
 
(606
)
Non-controlling interest
 
(87
)
 
(261
)
Total dividends paid to common shareholders, LTIP Unit holders, and non-controlling interest
 
(12,651
)
 
(38,152
)
Undistributed (Distributed in excess of) earnings:
 
 
 
 
Common shareholders
 
(5,809
)
 
10,826

LTIP Unit holders
 
(94
)
 
175

Non-controlling interest
 
(41
)
 
74

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

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

 
30,392,390

Weighted average participating LTIP Units
 
495,212

 
493,257

Weighted average non-controlling interest units
 
212,000

 
212,000

Basic earnings per common share:
 
 
 
 
Distributed
 
$
0.41

 
$
1.23

Undistributed (Distributed in excess of)
 
(0.19
)
 
0.35

 
 
$
0.22

 
$
1.58

Diluted earnings per common share:
 
 
 
 
Distributed
 
$
0.41

 
$
1.23

Undistributed (Distributed in excess of)
 
(0.19
)
 
0.35

 
 
$
0.22

 
$
1.58

(1)
For the three- and nine-month periods ended September 30, 2018, excludes net increase (decrease) in equity resulting from operations of $0.8 million and $1.8 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.