Income per Common Share of the Trust

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

Income per Common Share of the Trust

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):

	Three Months Ended					Three Months Ended
	June 30, 2019					June 30, 2018
	Income (Numerator)		Weighted Average Shares (Denominator)	Per Share		Income (Numerator)		Weighted Average Shares (Denominator)	Per Share
Income from continuing operations net of noncontrolling interest - basic	$	52,764	147,805	$	0.36	$	7,308	147,274	$	0.05
Dilutive shares for long-term compensation plans	—		863			—		1,059
Income from continuing operations net of noncontrolling interest - diluted	$	52,764	148,668	$	0.35	$	7,308	148,333	$	0.05
Discontinued operations net of noncontrolling interests - basic	$	47,005	147,805	$	0.32	$	12,306	147,274	$	0.08
Dilutive shares for long-term compensation plans	—		863			—		1,059
Discontinued operations net of noncontrolling interests - diluted	$	47,005	148,668	$	0.32	$	12,306	148,333	$	0.08
Net income available to common shareholders - basic	$	99,769	147,805	$	0.68	$	19,614	147,274	$	0.13
Dilutive shares for long-term compensation plans	—		863			—		1,059
Net income available to common shareholders - diluted	$	99,769	148,668	$	0.67	$	19,614	148,333	$	0.13
	Six Months Ended					Six Months Ended
	June 30, 2019					June 30, 2018
	Income (Numerator)		Weighted Average Shares (Denominator)	Per Share		Income (Numerator)		Weighted Average Shares (Denominator)	Per Share
Income from continuing operations net of noncontrolling interest - basic	$	92,000	147,706	$	0.62	$	47,447	147,184	$	0.33
Dilutive shares for long-term compensation plans	—		900			—		920
Income from continuing operations net of noncontrolling interest - diluted	$	92,000	148,606	$	0.62	$	47,447	148,104	$	0.32
Discontinued operations net of noncontrolling interests - basic	$	62,100	147,706	$	0.42	$	112,348	147,184	$	0.76
Dilutive shares for long-term compensation plans	—		900			—		920
Discontinued operations net of noncontrolling interests - diluted	$	62,100	148,606	$	0.42	$	112,348	148,104	$	0.76
Net income available to common shareholders - basic	$	154,100	147,706	$	1.04	$	159,795	147,184	$	1.09
Dilutive shares for long-term compensation plans	—		900			—		920
Net income available to common shareholders - diluted	$	154,100	148,606	$	1.04	$	159,795	148,104	$	1.08

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, 2019 or 2018.

During the three and six months ended June 30, 2019, 15,000 and 123,000 common shares, respectively, were issued upon the exercise of options. During the year ended December 31, 2018, 151,000 common shares were issued upon the exercise of options.

Share Repurchase

The Company’s Board of Trustees has authorized a share repurchase plan under which the Company may purchase up to $250 million of the Company’s outstanding common shares through September 28, 2019. 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 and six months ended June 30, 2019 or for the year ended December 31, 2018.