Equity of American Assets Trust, Inc. (Tables)

12 Months Ended

Dec. 31, 2014

Dividends declared and paid on shares of common stock and noncontrolling common units

The following table lists the dividends declared and paid on our shares of common stock and Noncontrolling Common Units for the years ended December 31, 2014, 2013 and 2012:



Period	Amount per Share/Unit		Period Covered	Dividend Paid Date
First Quarter 2012	$	0.2100	January 1, 2012 to March 31, 2012	March 30, 2012
Second Quarter 2012	$	0.2100	April 1, 2012 to June 30, 2012	June 29, 2012
Third Quarter 2012	$	0.2100	July 1, 2012 to September 30, 2012	September 28, 2012
Fourth Quarter 2012	$	0.2100	October 1, 2012 to December 31, 2012	December 28, 2012
First Quarter 2013	$	0.2100	January 1, 2013 to March 31, 2013	March 29, 2013
Second Quarter 2013	$	0.2100	April 1, 2013 to June 30, 2013	June 28, 2013
Third Quarter 2013	$	0.2100	July 1, 2013 to September 30, 2013	September 27, 2013
Fourth Quarter 2013	$	0.2200	October 1, 2013 to December 31, 2013	December 27, 2013
First Quarter 2014	$	0.2200	January 1, 2014 to March 31, 2014	March 28, 2014
Second Quarter 2014	$	0.2200	April 1, 2014 to June 30, 2014	June 27, 2014
Third Quarter 2014	$	0.2200	July 1, 2014 to September 30, 2014	September 26, 2014
Fourth Quarter 2014	$	0.2325	October 1, 2014 to December 31, 2014	December 26, 2014

Summary of income tax status of dividends per share paid

A summary of the income tax status of dividends per share paid is as follows:



	Year Ended December 31,
	2014				2013				2012
	Per Share		%		Per Share		%		Per Share		%
Ordinary income	$	0.61	68.9	%	$	0.83	97.6	%	$	0.56	66.7	%
Return of capital	0.28		31.1	%	0.02		2.4	%	0.28		33.3	%
Total	$	0.89	100.0	%	$	0.85	100.0	%	$	0.84	100.0	%

Schedule of restricted common stock

The following shares of restricted common stock have been issued as of December 31, 2014:



Grant	Price at Grant Date	Number
January 19, 2012 ⁽¹⁾	$11.91 - $12.61	2,000
July 10, 2012 ⁽²⁾	$25.05	8,015
July 13, 2013 ⁽²⁾	$31.97	5,004
March 25, 2014 ⁽³⁾	$28.89 - $31.25	112,119
June 17, 2014 ⁽⁴⁾	$34.10	5,864
December 1, 2014 ⁽⁵⁾	$36.28 - $36.32	98,765

⁽¹⁾Restricted common stock issued to certain of the company's senior management and other employees, which are subject to performance-based vesting. These shares vest in two substantially equal installments, with the first installment vested on the third anniversary of the date of grant and the second installment vesting on the fourth anniversary of the date of grant, subject to the employee's continued employment on those dates.

⁽²⁾ Restricted common stock issued to members of the company's non-employee directors. These awards of restricted stock vest ratably as to one-third of the shares granted on each of the first three anniversaries of the date of grant, subject to the director's continued service on our Board of Directors.

⁽³⁾ Restricted common stock issued to certain of the company's senior management and other employees, which are subject to pre-defined market specific performance criteria based vesting. Up to one-third of the shares of restricted stock may vest on each of November 30, 2014, 2015 and 2016, subject to the employee's continued employment on those dates.

⁽⁴⁾ Restricted common stock issued to members of the company's non-employee directors. These awards of restricted stock will vest subject to the director's continued service on the Board of Directors on the earlier of (i) the one year anniversary of the date of grant or (ii) the date of the next annual meeting of our stockholders, if such non-employee director continues his or her service on the Board of Directors until the next annual meeting of stockholders, but not thereafter, pursuant to our independent director compensation policy.

⁽⁵⁾ Restricted common stock issued to certain of the company's senior management and other employees, which are subject to pre-defined market specific performance criteria based vesting. Up to one-third of the shares of restricted stock may vest on each of November 30, 2015, 2016 and 2017, subject to the employee's continued employment on those dates.

Activity of restricted stock awards

The following table summarizes the activity of non-vested restricted stock awards during the year ended December 31, 2014:



	2014
	Units		Weighted Average Grant Date Fair Value
Balance at beginning of year	629,058		$	15.58
Granted	216,748		32.96
Vested	(351,075	)	17.22
Forfeited	(1,192	)	29.83
Balance at end of year	493,539		$	22.01

Computation of basic and diluted EPS

The computation of basic and diluted EPS is presented below (dollars in thousands, except share and per share amounts):



	Year Ended December 31,
	2014			2013			2012
NUMERATOR
Income from continuing operations	$	31,145		$	22,594		$	13,949
Less: Net income attributable to restricted shares	(374		)	(536		)	(529		)
Less: Income from continuing operations attributable to unitholders in the Operating Partnership	(9,015		)	(6,838		)	(4,239		)
Income from continuing operations attributable to American Assets Trust, Inc. common stockholders—basic	21,756			15,220			9,181
Plus: Results from discontinued operations attributable to American Assets Trust, Inc. common stockholders	—			—			25,757
Net income attributable to common stockholders—basic	$	21,756		$	15,220		$	34,938
Income from continuing operations attributable to American Assets Trust, Inc. common stockholders—basic	$	21,756		$	15,220		$	9,181
Plus: Income from continuing operations attributable to unitholders in the Operating Partnership	9,015			6,838			4,239
Income from continuing operations attributable to common stockholders—diluted	30,771			22,058			13,420
Plus: Results from discontinued operations attributable to American Assets Trust, Inc. common stockholders	—			—			25,757
Plus: Results from discontinued operations attributable to unitholders in the Operating Partnership	—			—			11,895
Net income attributable to common stockholders—diluted	$	30,771		$	22,058		$	51,072
DENOMINATOR
Weighted average common shares outstanding—basic	42,041,126			39,539,457			38,736,113
Effect of dilutive securities—conversion of Operating Partnership units	17,906,348			17,976,353			18,317,796
Weighted average common shares outstanding—diluted	59,947,474			57,515,810			57,053,909
Earnings per common share—basic
Continuing operations	$	0.52		$	0.38		$	0.24
Discontinued operations	—			—			0.66
	$	0.52		$	0.38		$	0.90
Earnings per common share—diluted
Continuing operations	$	0.51		$	0.38		$	0.24
Discontinued operations	—			—			0.66
	$	0.51		$	0.38		$	0.90