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EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL (Tables)
12 Months Ended
Dec. 31, 2014
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL  
Summary of the elements used in calculating basic and diluted earnings (loss) per common share

 

 

 

 

For the year ended December 31,

 

 

 

2014

 

2013

 

2012

 

 

 

(Dollars and shares in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

26,366

 

$

10,409

 

$

(13,276

)

Noncontrolling interests in the Operating Partnership

 

(302

)

(51

)

513

 

Noncontrolling interest in subsidiaries

 

(16

)

42

 

(1,918

)

Distribution to preferred shares (1)

 

(6,008

)

(6,008

)

(6,008

)

Income (loss) from continuing operations attributable to the Company’s common shareholders

 

$

20,040

 

$

4,392

 

$

(20,689

)

 

 

 

 

 

 

 

 

Total discontinued operations

 

336

 

31,585

 

16,904

 

Noncontrolling interests in the Operating Partnership

 

(5

)

(537

)

(406

)

Total discontinued operations attributable to the Company’s common shareholders

 

$

331

 

$

31,048

 

$

16,498

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to the Company’s common shareholders

 

$

20,371

 

$

35,440

 

$

(4,191

)

 

 

 

 

 

 

 

 

Weighted-average shares outstanding

 

149,107

 

135,191

 

124,548

 

Share options and restricted share units (2) 

 

1,756

 

2,551

 

 

Weighted-average diluted shares outstanding (3)

 

150,863

 

137,742

 

124,548

 

 

 

 

 

 

 

 

 

Earnings (loss) per common share:

 

 

 

 

 

 

 

Continuing operations

 

$

0.13

 

$

0.03

 

$

(0.17

)

Discontinued operations

 

0.01

 

0.23

 

0.14

 

Basic and diluted earnings (loss) per common share

 

$

0.14

 

$

0.26

 

$

(0.03

)

 

 

 

 

 

For the year ended December 31,

 

 

 

2014

 

2013

 

2012

 

 

 

(Dollars and units in thousands, except per unit amounts)

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

26,366

 

$

10,409

 

$

(13,276

)

Operating Partnership interests of third parties

 

(302

)

(51

)

513

 

Noncontrolling interest in subsidiaries

 

(16

)

42

 

(1,918

)

Distribution to preferred unitholders (1)

 

(6,008

)

(6,008

)

(6,008

)

Income (loss) from continuing operations attributable to common unitholders

 

$

20,040

 

$

4,392

 

$

(20,689

)

 

 

 

 

 

 

 

 

Total discontinued operations

 

336

 

31,585

 

16,904

 

Operating Partnership interests of third parties

 

(5

)

(537

)

(406

)

Total discontinued operations attributable to common unitholders

 

$

331

 

$

31,048

 

$

16,498

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to common unitholders

 

$

20,371

 

$

35,440

 

$

(4,191

)

 

 

 

 

 

 

 

 

Weighted-average units outstanding

 

149,107

 

135,191

 

124,548

 

Unit options and restricted share units (2)

 

1,756

 

2,551

 

 

Weighted-average diluted units outstanding (3)

 

150,863

 

137,742

 

124,548

 

 

 

 

 

 

 

 

 

Earnings (loss) per common unit:

 

 

 

 

 

 

 

Continuing operations

 

$

0.13

 

$

0.03

 

$

(0.17

)

Discontinued operations

 

0.01

 

0.23

 

0.14

 

Basic and diluted earnings (loss) per common unit

 

$

0.14

 

$

0.26

 

$

(0.03

)

 

 

(1)

For each of the years ended December 31, 2014, 2013 and 2012, the Company declared cash dividends per preferred share/unit of $1.938.

 

(2)

For the year ended December 31, 2012, the potentially dilutive shares/units of approximately 2,000,000 were not included in the earnings per share/unit calculation as their effect is antidilutive.

 

(3)

For the years ended December 31, 2014, 2013 and 2012, the Company declared cash dividends per common share/unit of $0.550, $0.460 and $0.350, respectively.