Equity (Tables)

12 Months Ended

Dec. 31, 2014

Stockholders' Equity Note Disclosure, Disclosure of Compensation Related Costs, Share-based Payments and Earnings Per Share [Abstract]

Dividends Declared

The following table summarizes the dividends declared and paid on our Class A common stock and Class B common stock for the year ended December 31, 2014 and the period from October 7, 2013 to December 31, 2013:



Declaration Date	Record Date	Payment Date	Amount per Share
December 1, 2014	December 15, 2014	December 31, 2014	$0.0850
September 2, 2014	September 15, 2014	September 30, 2014	$0.0850
May 22, 2014	June 13, 2014	June 30, 2014	$0.0850
February 21, 2014	March 14, 2014	March 31, 2014	$0.0850

December 5, 2013	December 16, 2013	December 30, 2013	$0.0795 ⁽¹⁾

(1) Represents a pro-ration of a full quarter distribution of $0.085 per share.

The following table summarizes the dividends declared and paid on our Preferred Units for the year ended December 31, 2014:



Declaration Date	Record Date	Payment Date	Amount per Preferred Unit
December 1, 2014	December 15, 2014	December 31, 2014	$0.1500
September 2, 2014	September 15, 2014	September 30, 2014	$0.1500

Schedule of Change in Net Income Attributable to Common Shareholders

The following is net income attributable to common stockholders and the issuance of our class A shares in exchange for the conversion of OP units into common stock (amounts in thousands):



	Year ended December 31, 2014		Period from October 7, 2013 through December 31, 2013
Net income attributable to common stockholders	$	26,667	$	75,245
Increase in additional paid-in capital for the conversion of OP units into common stock	40,611		—
Change from net income attributable to common stockholders and transfers from noncontrolling interests	$	67,278	$	75,245

Summary of Restricted Stock and Long-Term Incentive Plan Activity

The following is a summary of restricted stock and LTIP unit activity for the years ended December 31, 2014 and 2013:



	Restricted Stock		LTIP Units		Weighted Average Grant Price
Granted	158,852		913,561		$	13.00
Vested	(12,607	)	—		13.00
Forfeited	(1,874	)	—		13.00
Unvested balance at December 31, 2013	144,371		913,561		$	13.00
Vested	(37,458	)	(191,043	)	13.01
Granted	17,262		488,613		15.04
Forfeited	(21,879	)	(16,471	)	13.60
Unvested balance at December 31, 2014	102,296		1,194,660		$	13.78

Schedule of Earnings Per Share, Basic and Diluted

Earnings per share for the year ended December 31, 2014 and for the period October 7, 2013 through December 31, 2013 is computed as follows (amounts in thousands, except per share amounts):



	Year ended December 31, 2014			Period from October 7, 2013 through December 31, 2013
Numerator - Basic:
Net income	$	70,210		$	193,431
Preferred unit distributions	(476		)	—
Net income attributable to non-controlling interests	(43,067		)	(118,186		)
Earnings allocated to unvested shares	(33		)	(84		)
Net income attributable to common stockholders - basic	$	26,634		$	75,161

Numerator - Diluted:
Net income	$	70,210		$	193,431
Preferred unit distributions	(476		)	—
Earnings allocated to unvested shares and LTIP units	(482		)	(804		)
Net income attributable to common stockholders - diluted	$	69,252		$	192,627

Denominator:
Weighted average shares outstanding - basic	97,941			95,463
Operating partnership units	156,565			148,957
Weighted average shares outstanding - diluted	254,506			244,420

Earnings per share - basic and diluted	$	0.27		$	0.79

- Definition

Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

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