Equity of American Assets Trust, Inc. (Tables)

12 Months Ended

Dec. 31, 2017

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, 2017, 2016 and 2015:



Period	Amount per Share/Unit		Period Covered	Dividend Paid Date
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	$	0.25	October 1, 2015 to December 31, 2015	December 23, 2015
First Quarter 2016	$	0.25	January 1, 2016 to March 31, 2016	March 25, 2016
Second Quarter 2016	$	0.25	April 1, 2016 to June 30, 2016	June 24, 2016
Third Quarter 2016	$	0.25	July 1, 2016 to September 30, 2016	September 29, 2016
Fourth Quarter 2016	$	0.26	October 1, 2016 to December 31, 2016	December 22, 2016
First Quarter 2017	$	0.26	January 1, 2017 to March 31, 2017	March 30, 2017
Second Quarter 2017	$	0.26	April 1, 2017 to June 30, 2017	June 29, 2017
Third Quarter 2017	$	0.26	July 1, 2017 to September 30, 2017	September 28, 2017
Fourth Quarter 2017	$	0.27	October 1, 2017 to December 31, 2017	December 21, 2017

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,
	2017				2016				2015
	Per Share		%		Per Share		%		Per Share		%
Ordinary income	$	1.05	100.0	%	$	1.01	100.0	%	$	0.72	75.9	%
Capital gain	—		—	%	—		—	%	0.04		4.4	%
Return of capital	—		—	%	—		—	%	0.19		19.7	%
Total	$	1.05	100.0	%	$	1.01	100.0	%	$	0.95	100.0	%

Schedule of restricted common stock

The following shares of restricted common stock have been issued as of December 31, 2017:



Grant	Fair Value at Grant Date	Number
June 16, 2015 ⁽¹⁾	$39.64	5,044
December 1, 2015 ⁽²⁾	$13.67 - $26.39	93,310
June 14, 2016⁽¹⁾	$40.81	4,900
December 1, 2016 ⁽³⁾	$28.24 - $35.71	143,210
June 13, 2017⁽¹⁾	$40.99	4,880
December 15, 2017 ⁽⁴⁾	$27.27	145,218

(1)

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.


(2)	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.


(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, 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, 2017:



	2017
	Units		Weighted Average Grant Date Fair Value
Balance at beginning of year	232,765		$	31.24
Granted	150,098		27.72
Vested	(65,471	)	30.21
Forfeited	(48,624	)	29.21
Balance at end of year	268,768		$	29.89

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,
	2017			2016			2015
NUMERATOR
Net income	$	40,132		$	45,637		$	53,915
Less: Net income attributable to restricted shares	(241		)	(189		)	(168		)
Less: Income from operations attributable to unitholders in the Operating Partnership	(10,814		)	(12,863		)	(15,238		)
Net income attributable to common stockholders—basic	$	29,077		$	32,585		$	38,509
Income from operations attributable to American Assets Trust, Inc. common stockholders—basic	$	29,077		$	32,585		$	38,509
Plus: Income from operations attributable to unitholders in the Operating Partnership	10,814			12,863			15,238
Net income attributable to common stockholders—diluted	$	39,891		$	45,448		$	53,747
DENOMINATOR
Weighted average common shares outstanding—basic	46,715,520			45,332,471			44,439,112
Effect of dilutive securities—conversion of Operating Partnership units	17,371,730			17,895,688			17,900,051
Weighted average common shares outstanding—diluted	64,087,250			63,228,159			62,339,163

Earnings per common share, basic	$	0.62		$	0.72		$	0.87

Earnings per common share, diluted	$	0.62		$	0.72		$	0.86