Income per Common Share of the Trust

6 Months Ended

Jun. 30, 2017

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
	June 30, 2017					June 30, 2016
	Income (Numerator)		Weighted Average Shares (Denominator)	Per Share		Income (Numerator)		Weighted Average Shares (Denominator)	Per Share
Net income available to common shareholders - basic	$	51,411	146,688	$	0.35	$	49,627	145,995	$	0.34
Dilutive shares for long-term compensation plans	—		820			—		740
Net income available to common shareholders - diluted	$	51,411	147,508	$	0.35	$	49,627	146,735	$	0.34
	For the Six Months Ended					For the Six Months Ended
	June 30, 2017					June 30, 2016
	Income (Numerator)		Weighted Average Shares (Denominator)	Per Share		Income (Numerator)		Weighted Average Shares (Denominator)	Per Share
Net income available to common shareholders - basic	$	94,443	146,602	$	0.64	$	107,181	146,002	$	0.73
Dilutive shares for long-term compensation plans	—		753			—		620
Net income available to common shareholders - diluted	$	94,443	147,355	$	0.64	$	107,181	146,622	$	0.73

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. There were no anti-dilutive options excluded from the computation of diluted income per common share for the three and six months ended June 30, 2017 as compared to 885,000 and 1,668,000, respectively, for the same periods in 2016.

During the three and six months ended June 30, 2017, 77,000 and 88,000 common shares, respectively, were issued upon the exercise of options. During the year ended December 31, 2016, 369,000 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 through August 7, 2017. 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. There were no purchases under the plan during the three or six months ended June 30, 2017.