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Earnings Per Share and Earnings Per Unit
 3 Months Ended
Mar. 31, 2017
Earnings Per Share [Abstract]  
Earnings Per Share and Earnings Per Unit Earnings Per Share and Earnings Per Unit
 
The following table shows the amounts used in computing the Trust’s basic and diluted earnings per share (in thousands, except share and per share data):
 
 
Three Months Ended
March 31,
 
 
2017
 
2016
Numerator for earnings per share - basic:
 
 

 
 

Net income
 
$
6,716

 
$
5,424

Net income attributable to noncontrolling interests:
 
 
 
 
Operating Partnership
 
(147
)
 
(173
)
Partially owned properties
 
(167
)
 
(317
)
Preferred distributions
 
(211
)
 
(548
)
Numerator for earnings per share - basic

$
6,191

 
$
4,386

Numerator for earnings per share - diluted:
 
 
 
 
Numerator for earnings per share - basic
 
$
6,191

 
$
4,386

Operating Partnership net income
 
147

 
173

Numerator for earnings per share - diluted

$
6,338

 
$
4,559

Denominator for earnings per share - basic and diluted:
 
 
 
 
Weighted average number of shares outstanding - basic
 
138,986,629

 
102,704,008

Effect of dilutive securities:
 
 
 
 

Noncontrolling interest - Operating Partnership units
 
3,186,117

 
3,846,459

Restricted common shares
 
96,643

 
162,314

Restricted share units
 
336,541

 
435,599

Denominator for earnings per share - diluted:
 
142,605,930

 
107,148,380

Earnings per share - basic
 
$
0.04

 
$
0.04

Earnings per share - diluted
 
$
0.04

 
$
0.04



The following table shows the amounts used in computing the Operating Partnership’s basic and diluted earnings per unit (in thousands, except unit and per unit data):
 
 
Three Months Ended
March 31,
 
 
2017
 
2016
Numerator for earnings per unit - basic and diluted:
 
 
 
 
Net income
 
6,716

 
5,424

Net income attributable to noncontrolling interests - partially owned properties
 
(167
)
 
(317
)
Preferred distributions
 
(211
)
 
(548
)
Numerator for earnings per unit - basic and diluted
 
$
6,338

 
$
4,559

Denominator for earnings per unit - basic and diluted:
 
 
 
 
Weighted average number of units outstanding - basic
 
142,172,746

 
106,550,467

Effect of dilutive securities:
 
 
 
 

Restricted common shares
 
96,643

 
162,314

Restricted share units
 
336,541

 
435,599

Denominator for earnings per unit - diluted
 
142,605,930

 
107,148,380

Earnings per unit - basic
 
$
0.04

 
$
0.04

Earnings per unit - diluted
 
$
0.04

 
$
0.04