Equity of American Assets Trust, Inc. (Tables)

12 Months Ended

Dec. 31, 2016

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, 2016, 2015 and 2014:



Period	Amount per Share/Unit		Period Covered	Dividend Paid Date
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
First Quarter 2015	$	0.2325	January 1, 2015 to March 31, 2015	March 27, 2015
Second Quarter 2015	$	0.2325	April 1, 2015 to June 30, 2015	June 26, 2015
Third Quarter 2015	$	0.2325	July 1, 2015 to September 30, 2015	September 25, 2015
Fourth Quarter 2015	$	0.2500	October 1, 2015 to December 31, 2015	December 23, 2015
First Quarter 2016	$	0.2500	January 1, 2016 to March 31, 2016	March 25, 2016
Second Quarter 2016	$	0.2500	April 1, 2016 to June 30, 2016	June 24, 2016
Third Quarter 2016	$	0.2500	July 1, 2016 to September 30, 2016	September 29, 2016
Fourth Quarter 2016	$	0.2600	October 1, 2016 to December 31, 2016	December 22, 2016

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,
	2016				2015				2014
	Per Share		%		Per Share		%		Per Share		%
Ordinary income	$	1.01	100.0	%	$	0.72	75.9	%	$	0.61	68.9	%
Capital gain	—		—	%	0.04		4.4	%	—		—	%
Return of capital	—		—	%	0.19		19.7	%	0.28		31.1	%
Total	$	1.01	100.0	%	$	0.95	100.0	%	$	0.89	100.0	%

Schedule of restricted common stock

The following shares of restricted common stock have been issued as of December 31, 2016:



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
June 16, 2015 ⁽⁴⁾	$39.64	5,044
December 1, 2015 ⁽⁶⁾	$13.67 - $26.39	93,310
June 14, 2016⁽⁴⁾	$40.81	4,900
December 1, 2016 ⁽⁷⁾	$28.24 - $35.71	143,210

(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 based on performance calculations determined as 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 based on performance calculations determined as of November 30, 2015, 2016 and 2017, subject to the employee's continued employment on those dates.


(6)	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 based on performance calculations determined as of November 30, 2016, 2017 and 2018, subject to the employee's continued employment on those dates.


(7)	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 based on performance calculations determined as of November 30, 2017, 2018 and 2019, 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, 2016:



	2016
	Units		Weighted Average Grant Date Fair Value
Balance at beginning of year	174,744		$	27.11
Granted	148,110		32.39
Vested	(56,382	)	27.60
Forfeited	(33,707	)	26.42
Balance at end of year	232,765		$	31.24

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,
	2016			2015			2014
NUMERATOR
Income from operations	$	45,637		$	53,915		$	31,145
Less: Net income attributable to restricted shares	(189		)	(168		)	(374		)
Less: Income from operations attributable to unitholders in the Operating Partnership	(12,863		)	(15,238		)	(9,015		)
Net income attributable to common stockholders—basic	$	32,585		$	38,509		$	21,756
Income from operations attributable to American Assets Trust, Inc. common stockholders—basic	$	32,585		$	38,509		$	21,756
Plus: Income from operations attributable to unitholders in the Operating Partnership	12,863			15,238			9,015
Net income attributable to common stockholders—diluted	$	45,448		$	53,747		$	30,771
DENOMINATOR
Weighted average common shares outstanding—basic	45,332,471			44,439,112			42,041,126
Effect of dilutive securities—conversion of Operating Partnership units	17,895,688			17,900,051			17,906,348
Weighted average common shares outstanding—diluted	63,228,159			62,339,163			59,947,474

Earnings per common share, basic	$	0.72		$	0.87		$	0.52

Earnings per common share, diluted	$	0.72		$	0.86		$	0.51