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Earnings Per Share and Earnings Per Unit
 6 Months Ended
Jun. 30, 2018
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,
 
2018
 
2017
 
2018
 
2017
Numerator for earnings per share - basic:
 

 
 

 
 

 
 

Net income
$
12,062

 
$
10,331

 
$
23,394

 
$
17,047

Net income attributable to noncontrolling interests:
 
 
 
 
 
 
 
Operating Partnership
(331
)
 
(314
)
 
(644
)
 
(461
)
Partially owned properties
(144
)
 
(159
)
 
(255
)
 
(326
)
Preferred distributions
(284
)
 
(188
)
 
(771
)
 
(399
)
Numerator for earnings per share - basic
$
11,303


$
9,670


$
21,724

 
$
15,861

Numerator for earnings per share - diluted:
 
 
 
 
 
 
 
Numerator for earnings per share - basic
$
11,303

 
$
9,670

 
$
21,724

 
$
15,861

Operating Partnership net income
331

 
314

 
644

 
461

Numerator for earnings per share - diluted
$
11,634


$
9,984


$
22,368

 
$
16,322

Denominator for earnings per share - basic and diluted:
 
 
 
 
 
 
 
Weighted average number of shares outstanding - basic
182,002,062

 
155,366,080

 
181,906,348

 
147,221,602

Effect of dilutive securities:
 

 
 

 
 
 
 

Noncontrolling interest - Operating Partnership units
5,392,557

 
5,399,265

 
5,423,354

 
4,298,805

Restricted common shares
36,513

 
57,366

 
57,509

 
86,814

Restricted share units
—

 
189,649

 
—

 
305,211

Denominator for earnings per share - diluted:
187,431,132

 
161,012,360

 
187,387,211

 
151,912,432

Earnings per share - basic
$
0.06

 
$
0.06

 
$
0.12

 
$
0.11

Earnings per share - diluted
$
0.06

 
$
0.06

 
$
0.12

 
$
0.11



For the three and six months ended June 30, 2018, total restricted share units of 600,313 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 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,
 
2018
 
2017
 
2018
 
2017
Numerator for earnings per unit - basic and diluted:
 
 
 
 
 
 
 
Net income
$
12,062

 
$
10,331

 
$
23,394

 
$
17,047

Net income attributable to noncontrolling interests - partially owned properties
(144
)
 
(159
)
 
(255
)
 
(326
)
Preferred distributions
(284
)
 
(188
)
 
(771
)
 
(399
)
Numerator for earnings per unit - basic and diluted
$
11,634

 
$
9,984

 
$
22,368

 
$
16,322

Denominator for earnings per unit - basic and diluted:
 
 
 
 
 
 
 
Weighted average number of units outstanding - basic
187,394,619

 
160,765,345

 
187,329,702

 
151,520,407

Effect of dilutive securities:
 
 
 

 
 
 
 

Restricted common shares
36,513

 
57,366

 
57,509

 
86,814

Restricted share units
—

 
189,649

 
—

 
305,211

Denominator for earnings per unit - diluted
187,431,132

 
161,012,360

 
187,387,211

 
151,912,432

Earnings per unit - basic
$
0.06

 
$
0.06

 
$
0.12

 
$
0.11

Earnings per unit - diluted
$
0.06

 
$
0.06

 
$
0.12

 
$
0.11