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EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL (Tables) | 12 Months Ended
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Dec. 31, 2017
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 | Earnings per common share and shareholders’ equity The following is a summary of the elements used in calculating basic and diluted earnings per common share:
|  | For the year ended December 31, |
|  | 2017 |  | 2016 |  | 2015 |
|  | (Dollars and shares in thousands, except per share amounts) |
Net income |  | $ | 135,611 |  | $ | 88,376 |  | $ | 78,756 |  |
Noncontrolling interests in the Operating Partnership |  |  | (1,593) |  |  | (941) |  |  | (960) |  |
Noncontrolling interest in subsidiaries |  |  | 270 |  |  | 470 |  |  | (84) |  |
Distributions to preferred shareholders (1) |  |  | — |  |  | (5,045) |  |  | (6,008) |  |
Preferred share redemption charge |  |  | — |  |  | (2,937) |  |  | — |  |
Net income attributable to the Company’s common shareholders |  | $ | 134,288 |  | $ | 79,923 |  | $ | 71,704 |  |
Weighted-average shares outstanding |  |  | 180,525 |  |  | 178,246 |  |  | 168,640 |  |
Share options and restricted share units |  |  | 923 |  |  | 1,287 |  |  | 1,551 |  |
Weighted-average diluted shares outstanding (2) |  |  | 181,448 |  |  | 179,533 |  |  | 170,191 |  |
Basic earnings per share attributable to common shareholders |  | $ | 0.74 |  | $ | 0.45 |  | $ | 0.43 |  |
Diluted earnings per share attributable to common shareholders |  | $ | 0.74 |  | $ | 0.45 |  | $ | 0.42 |  |
Earnings per common unit and capital The following is a summary of the elements used in calculating basic and diluted earnings per common unit:
|  | For the year ended December 31, |
|  | 2017 |  | 2016 |  | 2015 |
|  | (Dollars and units in thousands, except per unit amounts) |
Net income |  | $ | 135,611 |  | $ | 88,376 |  | $ | 78,756 |  |
Operating Partnership interests of third parties |  |  | (1,593) |  |  | (941) |  |  | (960) |  |
Noncontrolling interest in subsidiaries |  |  | 270 |  |  | 470 |  |  | (84) |  |
Distribution to preferred unitholders (1) |  |  | — |  |  | (5,045) |  |  | (6,008) |  |
Preferred unit redemption charge |  |  | — |  |  | (2,937) |  |  | — |  |
Net income attributable to common unitholders |  | $ | 134,288 |  | $ | 79,923 |  | $ | 71,704 |  |
Weighted-average units outstanding |  |  | 180,525 |  |  | 178,246 |  |  | 168,640 |  |
Unit options and restricted share units |  |  | 923 |  |  | 1,287 |  |  | 1,551 |  |
Weighted-average diluted units outstanding (2) |  |  | 181,448 |  |  | 179,533 |  |  | 170,191 |  |
Basic earnings per unit attributable to common unitholders |  | $ | 0.74 |  | $ | 0.45 |  | $ | 0.43 |  |
Diluted earnings per unit attributable to common unitholders |  | $ | 0.74 |  | $ | 0.45 |  | $ | 0.42 |  |
| (1) |  | For the year ended December 31, 2016, the Company declared cash dividends per preferred share/unit of $1.626 prior to redemption of the preferred shares on November 2, 2016. For the year ended December 31, 2015, the Company declared cash dividends per preferred share/unit of $1.938.
| (2) |  | For the years ended December 31, 2017, 2016 and 2015, the Company declared cash dividends per common share/unit of $1.11, $0.90, and $0.69, respectively.
Schedule of common shares sold pursuant to equity distribution agreements |
|  | For the year ended December 31,
|  | 2017 |  | 2016 |  | 2015
|  | (Dollars and shares in thousands, except per share amounts)
Number of shares sold |  |  | 1,036 |  |  | 4,408 |  |  | 8,977
Average sales price per share |  | $ | 29.13 |  | $ | 31.25 |  | $ | 26.35
Net proceeds after deducting offering costs |  | $ | 29,642 |  | $ | 136,120 |  | $ | 234,240

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