Equity (Tables)

12 Months Ended

Dec. 31, 2019

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,
	2019		2018		2017
Net income attributable to common stockholders	$	49,445	$	65,603	$	62,647
Increase in additional paid-in capital for the conversion of OP Units into common stock	27,740		70,452		23,529
Change from net income attributable to common stockholders and transfers from noncontrolling interests	$	77,185	$	136,055	$	86,176

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, 2019, 2018 and 2017:    

Record Date	Payment Date	Amount per Share
December 23, 2019	December 31, 2019	$0.105
September 16, 2019	September 30, 2019	$0.105
June 14, 2019	June 28, 2019	$0.105
March 15, 2019	March 29, 2019	$0.105
December 17, 2018	December 31, 2018	$0.105
September 14, 2018	September 28, 2018	$0.105
June 15, 2018	June 29, 2018	$0.105
March 15, 2018	March 30, 2018	$0.105
December 15, 2017	December 29, 2017	$0.105
September 15, 2017	September 29, 2017	$0.105
June 15, 2017	June 30, 2017	$0.105
March 15, 2017	March 31, 2017	$0.105

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, 2019:

	Restricted Stock		LTIP Units		Weighted Average Grant Fair Value
Unvested balance at December 31, 2018	91,158		5,702,821		$	9.68
Vested	(35,724	)	(598,402	)	15.98
Granted	69,358		2,854,698		9.56
Forfeited or unearned	(5,874	)	(1,972,548	)	7.34
Unvested balance at December 31, 2019	118,918		5,986,569		$	9.73

Schedule of Earnings Per Share, Basic and Diluted

Earnings per share for the years ended December 31, 2019, 2018 and 2017 is computed as follows (amounts in thousands, except per share amounts):

	For the Year Ended December 31,
	2019			2018			2017
Numerator - Basic:
Net income	$	84,290		$	117,253		$	118,253
Private perpetual preferred unit distributions	(1,743		)	(936		)	(936		)
Net income attributable to non-controlling interests	(33,102		)	(50,714		)	(54,670		)
Earnings allocated to unvested shares	(45		)	(38		)	(36		)
Net income attributable to common stockholders - basic	$	49,400		$	65,565		$	62,611
Numerator - Diluted:
Net income	$	84,290		$	117,253		$	118,253
Private perpetual preferred unit distributions	(1,743		)	(936		)	(936		)
Earnings allocated to unvested shares	(45		)	(38		)	(36		)
Net income attributable to common stockholders - diluted	$	82,502		$	116,279		$	117,281
Denominator:
Weighted average shares outstanding - basic	178,340			167,571			158,380
Operating partnership units	119,458			129,687			138,075
Effect of dilutive securities:
Stock-based compensation plans	—			1			775
Exchangeable senior notes	—			—			819
Weighted average shares outstanding - diluted	297,798			297,259			298,049
Earnings per share - basic	$	0.28		$	0.39		$	0.40
Earnings per share - diluted	$	0.28		$	0.39		$	0.39