Income per Common Share of the Trust

9 Months Ended

Sep. 30, 2016

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Income per Common Share of the Trust

The following table sets forth the computation of basic and diluted income per common share of the Trust (in thousands except per share amounts):

	For the Three Months Ended					For the Three Months Ended
	September 30, 2016					September 30, 2015
	Income (Numerator)		Weighted Average Shares (Denominator)	Per Share		Income (Numerator)		Weighted Average Shares (Denominator)	Per Share
Net income available to common shareholders - basic	$	54,253	146,215	$	0.37	$	91,331	148,582	$	0.61
Dilutive shares for long-term compensation plans	—		892			—		594
Net income available to common shareholders - diluted	$	54,253	147,107	$	0.37	$	91,331	149,176	$	0.61
	For the Nine Months Ended					For the Nine Months Ended
	September 30, 2016					September 30, 2015
	Income (Numerator)		Weighted Average Shares (Denominator)	Per Share		Income (Numerator)		Weighted Average Shares (Denominator)	Per Share
Net income available to common shareholders - basic	$	161,434	146,121	$	1.10	$	157,797	148,594	$	1.06
Dilutive shares for long-term compensation plans	—		667			—		626
Net income available to common shareholders - diluted	$	161,434	146,788	$	1.10	$	157,797	149,220	$	1.06

Dilutive shares for long-term compensation plans represent the unvested common shares outstanding during the periods as well as the dilutive effect of outstanding options. The amount of anti-dilutive options excluded from the computation of diluted income per common share for the three and nine months ended September 30, 2016 was 160,000 and 762,000, respectively, as compared to 2,260,000 and 1,528,000, respectively, for the same periods in 2015.

During the three and nine months ended September 30, 2016, 241,000 and 353,000 common shares, respectively, were issued upon the exercise of options. During the year ended December 31, 2015, 65,000 common shares were issued upon the exercise of options.

Share Repurchase

In August 2015, the Company’s Board of Trustees authorized a share repurchase plan under which the Company may purchase up to $250 million of the Company’s outstanding common shares. Purchases made pursuant to the program may be made in either the open market or in privately negotiated transactions from time to time as permitted by securities laws and other legal requirements.

During the nine months ended September 30, 2016, the Company purchased an aggregate of 1.4 million common shares for $40.9 million at an average price of $29.28 per share as part of the share repurchase plan. There were no such purchases during the three months ended September 30, 2016.