EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL (Tables)

12 Months Ended

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