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Earnings Per Share and Earnings Per Unit
 6 Months Ended
Jun. 30, 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
June 30,
 
Six Months Ended
June 30,
 
2017
 
2016
 
2017
 
2016
Numerator for earnings per share - basic:
 

 
 

 
 

 
 

Net income
$
10,331

 
$
7,184

 
$
17,047

 
$
12,608

Net income attributable to noncontrolling interests:
 
 
 
 
 
 
 
Operating Partnership
(314
)
 
(201
)
 
(461
)
 
(374
)
Partially owned properties
(159
)
 
(60
)
 
(326
)
 
(377
)
Preferred distributions
(188
)
 
(437
)
 
(399
)
 
(985
)
Numerator for earnings per share - basic
$
9,670


$
6,486


$
15,861

 
$
10,872

Numerator for earnings per share - diluted:
 
 
 
 
 
 
 
Numerator for earnings per share - basic
$
9,670

 
$
6,486

 
$
15,861

 
$
10,872

Operating Partnership net income
314

 
201

 
461

 
374

Numerator for earnings per share - diluted
$
9,984


$
6,687


$
16,322

 
$
11,246

Denominator for earnings per share - basic and diluted:
 
 
 
 
 
 
 
Weighted average number of shares outstanding - basic
155,366,080

 
131,481,329

 
147,221,602

 
117,092,668

Effect of dilutive securities:
 

 
 

 
 
 
 

Noncontrolling interest - Operating Partnership units
5,399,265

 
3,870,343

 
4,298,805

 
3,858,401

Restricted common shares
57,366

 
199,698

 
86,814

 
193,084

Restricted share units
189,649

 
393,352

 
305,211

 
431,094

Denominator for earnings per share - diluted:
161,012,360

 
135,944,722

 
151,912,432

 
121,575,247

Earnings per share - basic
$
0.06

 
$
0.05

 
$
0.11

 
$
0.09

Earnings per share - diluted
$
0.06

 
$
0.05

 
$
0.11

 
$
0.09



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
June 30,
 
Six Months Ended
June 30,
 
2017
 
2016
 
2017
 
2016
Numerator for earnings per unit - basic and diluted:
 
 
 
 
 
 
 
Net income
10,331

 
7,184

 
17,047

 
12,608

Net income attributable to noncontrolling interests - partially owned properties
(159
)
 
(60
)
 
(326
)
 
(377
)
Preferred distributions
(188
)
 
(437
)
 
(399
)
 
(985
)
Numerator for earnings per unit - basic and diluted
$
9,984

 
$
6,687

 
$
16,322

 
$
11,246

Denominator for earnings per unit - basic and diluted:
 
 
 
 
 
 
 
Weighted average number of units outstanding - basic
160,765,345

 
135,351,672

 
151,520,407

 
120,951,069

Effect of dilutive securities:
 
 
 

 
 
 
 

Restricted common shares
57,366

 
199,698

 
86,814

 
193,084

Restricted share units
189,649

 
393,352

 
305,211

 
431,094

Denominator for earnings per unit - diluted
161,012,360

 
135,944,722

 
151,912,432

 
121,575,247

Earnings per unit - basic
$
0.06

 
$
0.05

 
$
0.11

 
$
0.09

Earnings per unit - diluted
$
0.06

 
$
0.05

 
$
0.11

 
$
0.09