XML 47 R33.htm IDEA: XBRL DOCUMENT v3.6.0.2
Equity (Tables)
 12 Months Ended
Dec. 31, 2016
Stockholders' Equity Note Disclosure, Disclosure of Compensation Related Costs, Share-based Payments and Earnings Per Share [Abstract]  
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, 2016
 
Year ended December 31, 2015
 
Year ended December 31, 2014
Net income attributable to common stockholders
$
51,456

 
$
33,730

 
$
26,667

Increase in additional paid-in capital for the conversion of OP units into common stock
24,044

 
62,003

 
40,611

Change from net income attributable to common stockholders and transfers from noncontrolling interests
$
75,500

 
$
95,733

 
$
67,278
Dividends Declared
The following table summarizes the dividends paid on our Class A common stock and Class B common stock for the years ended December 31, 2016, 2015 and 2014:
    
Record Date
 
Payment Date
 
Amount per Share
December 15, 2016
 
December 29, 2016
 
$0.105
September 19, 2016
 
September 30, 2016
 
$0.105
June 15, 2016
 
June 30, 2016
 
$0.105
March 16, 2016
 
March 31, 2016
 
$0.085
 
 
 
 
 
December 15, 2015
 
December 31, 2015
 
$0.085
September 15, 2015
 
September 30, 2015
 
$0.085
June 15, 2015
 
June 30, 2015
 
$0.085
March 13, 2015
 
March 31, 2015
 
$0.085
 
 
 
 
 
December 15, 2014
 
December 31, 2014
 
$0.085
September 15, 2014
 
September 30, 2014
 
$0.085
June 13, 2014
 
June 30, 2014
 
$0.085
March 14, 2014
 
March 31, 2014
 
$0.085
    
Summary of Restricted Stock and Long-Term Incentive Plan Activity
The following is a summary of restricted stock and LTIP unit activity for the year ended December 31, 2016:
 
Restricted Stock
 
LTIP Units
 
Weighted Average Grant Fair Value
Unvested balance at December 31, 2015
97,592

 
1,415,895

 
$
11.04

Vested
(36,592
)
 
(402,895
)
 
11.69

Granted
47,071

 
1,868,629

 
9.58

Forfeited
(278
)
 
—

 
17.97

Unvested balance at December 31, 2016
107,793

 
2,881,629

 
$
10.01
Schedule of Earnings Per Share, Basic and Diluted
Earnings per share for the years ended December 31, 2016, 2015 and 2014 is computed as follows (amounts in thousands, except per share amounts):
 
Year ended December 31, 2016
 
Year ended December 31, 2015
 
Year ended December 31, 2014
Numerator - Basic:
 
 
 
 
 
Net income
$
107,250

 
$
79,928

 
$
70,210

Private perpetual preferred unit distributions
(936
)
 
(936
)
 
(476
)
Net income attributable to non-controlling interests
(54,858
)
 
(45,262
)
 
(43,067
)
Earnings allocated to unvested shares
(36
)
 
(24
)
 
(33
)
Net income attributable to common stockholders - basic
$
51,420

 
$
33,706

 
$
26,634

 
 
 
 
 
 
Numerator - Diluted:
 
 
 
 
 
Net income
$
107,250

 
$
79,928

 
$
70,210

Private perpetual preferred unit distributions
(936
)
 
(936
)
 
(476
)
Earnings allocated to unvested shares
(36
)
 
(550
)
 
(482
)
Net income attributable to common stockholders - diluted
$
106,278

 
$
78,442

 
$
69,252

 
 
 
 
 
 
Denominator:
 
 
 
 
 
Weighted average shares outstanding - basic
133,881

 
114,245

 
97,941

Operating partnership units
142,967

 
151,669

 
156,565

Effect of dilutive securities:
 
 
 
 
 
   Stock-based compensation plans
454

 
707

 
—

   Exchangeable senior notes
266

 
—

 
—

Weighted average shares outstanding - diluted
277,568

 
266,621

 
254,506

 
 
 
 
 
 
Earnings per share - basic
$
0.38

 
$
0.30

 
$
0.27

Earnings per share - diluted
$
0.38

 
$
0.29

 
$
0.27