XML 37 R26.htm IDEA: XBRL DOCUMENT v3.5.0.2
Capital (Tables)
 9 Months Ended
Sep. 30, 2016
Stockholders' Equity Note Disclosure, Disclosure of Compensation Related Costs, Share-based Payments and Earnings Per Share [Abstract]  
Summary of Restricted Stock and Long-Term Incentive Plan Activity
The following is a summary of ESRT restricted stock and LTIP unit activity for the nine months ended September 30, 2016:
 
Restricted Stock
 
LTIP Units
 
Weighted Average Grant Fair Value
Unvested balance at December 31, 2015
97,592

 
1,415,895

 
$
11.04

Vested
(4,350
)
 
(124,843
)
 
15.89

Granted
47,071

 
1,868,629

 
9.58

Forfeited
(278
)
 
—

 
17.97

Unvested balance at September 30, 2016
140,035

 
3,159,681

 
$
10.00
Schedule of Earnings Per Unit, Basic and Diluted
Earnings per unit for the three and nine months ended September 30, 2016 and 2015 is computed as follows (amounts in thousands, except per unit amounts):
 
Three Months Ended,
 
Nine Months Ended,
 
September 30, 2016
 
September 30, 2015
 
September 30, 2016
 
September 30, 2015
Numerator:
 
 
 
 
 
 
 
Net income
$
32,897

 
$
26,085

 
$
74,242

 
$
60,558

Private perpetual preferred unit distributions
(234
)
 
(234
)
 
(702
)
 
(702
)
Earnings allocated to unvested units
(225
)
 
(161
)
 
(575
)
 
(425
)
Net income attributable to common unitholders - basic and diluted
$
32,438

 
$
25,690

 
$
72,965

 
$
59,431

 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
Weighted average units outstanding - basic
278,739

 
265,873

 
270,388

 
265,868

Effect of dilutive securities:
 
 
 
 
 
 
 
  Stock-based compensation plans

1,090

 
—

 
378

 
—

  Exchangeable senior notes
785

 
—

 
262

 
—

Weighted average units outstanding - diluted
280,614

 
265,873

 
271,028

 
265,868

 
 
 
 
 
 
 
 
Earnings per unit - basic and diluted
$
0.12

 
$
0.10

 
$
0.27

 
$
0.22