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Earnings Per Share and Earnings Per Unit
 9 Months Ended
Sep. 30, 2017
Earnings Per Share [Abstract]  
Earnings Per Share and Earnings Per Unit Earnings Per Share and Earnings Per Unit
 
For the three months ended September 30, 2017, approximately 405,343 restricted share units were excluded from the computation of diluted earnings per share and diluted earnings per unit as their impact would have been anti-dilutive.

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
September 30,
 
Nine Months Ended
September 30,
 
2017
 
2016
 
2017
 
2016
Numerator for earnings per share - basic:
 

 
 

 
 

 
 

Net income
$
12,539

 
$
10,294

 
$
29,586

 
$
22,902

Net income attributable to noncontrolling interests:
 
 
 
 
 
 
 
Operating Partnership
(362
)
 
(255
)
 
(823
)
 
(629
)
Partially owned properties
(53
)
 
(176
)
 
(379
)
 
(553
)
Preferred distributions
(106
)
 
(436
)
 
(505
)
 
(1,421
)
Numerator for earnings per share - basic
$
12,018


$
9,427


$
27,879

 
$
20,299

Numerator for earnings per share - diluted:
 
 
 
 
 
 
 
Numerator for earnings per share - basic
$
12,018

 
$
9,427

 
$
27,879

 
$
20,299

Operating Partnership net income
362

 
255

 
823

 
629

Numerator for earnings per share - diluted
$
12,380


$
9,682


$
28,702

 
$
20,928

Denominator for earnings per share - basic and diluted:
 
 
 
 
 
 
 
Weighted average number of shares outstanding - basic
177,847,424

 
134,608,396

 
157,542,167

 
122,973,862

Effect of dilutive securities:
 

 
 

 
 
 
 

Noncontrolling interest - Operating Partnership units
5,379,981

 
3,618,988

 
4,663,157

 
3,778,014

Restricted common shares
70,740

 
208,892

 
85,689

 
203,020

Restricted share units
—

 
444,511

 
189,905

 
441,093

Denominator for earnings per share - diluted:
183,298,145

 
138,880,787

 
162,480,918

 
127,395,989

Earnings per share - basic
$
0.07

 
$
0.07

 
$
0.18

 
$
0.17

Earnings per share - diluted
$
0.07

 
$
0.07

 
$
0.18

 
$
0.16



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
September 30,
 
Nine Months Ended
September 30,
 
2017
 
2016
 
2017
 
2016
Numerator for earnings per unit - basic and diluted:
 
 
 
 
 
 
 
Net income
$
12,539

 
$
10,294

 
$
29,586

 
$
22,902

Net income attributable to noncontrolling interests - partially owned properties
(53
)
 
(176
)
 
(379
)
 
(553
)
Preferred distributions
(106
)
 
(436
)
 
(505
)
 
(1,421
)
Numerator for earnings per unit - basic and diluted
$
12,380

 
$
9,682

 
$
28,702

 
$
20,928

Denominator for earnings per unit - basic and diluted:
 
 
 
 
 
 
 
Weighted average number of units outstanding - basic
183,227,405

 
138,227,384

 
162,205,324

 
126,751,876

Effect of dilutive securities:
 
 
 

 
 
 
 

Restricted common shares
70,740

 
208,892

 
85,689

 
203,020

Restricted share units
—

 
444,511

 
189,905

 
441,093

Denominator for earnings per unit - diluted
183,298,145

 
138,880,787

 
162,480,918

 
127,395,989

Earnings per unit - basic
$
0.07

 
$
0.07

 
$
0.18

 
$
0.17

Earnings per unit - diluted
$
0.07

 
$
0.07

 
$
0.18

 
$
0.16