XML 37 R26.htm IDEA: XBRL DOCUMENT v3.7.0.1
Capital (Tables)
6 Months Ended
Jun. 30, 2017
Stockholders' Equity Note Disclosure, Disclosure of Compensation Related Costs, Share-based Payments and Earnings Per Share [Abstract]  
Summary of ERST Restricted Stock and LTIP Unit
The following is a summary of ESRT restricted stock and LTIP unit activity for the six months ended June 30, 2017:
 
Restricted Stock
 
LTIP Units
 
Weighted Average Grant Fair Value
Unvested balance at December 31, 2016
107,793

 
2,881,629

 
$
10.01

Vested
(17,552
)
 
(307,500
)
 
13.66

Granted
34,407

 
1,372,574

 
13.77

Forfeited or unearned
(1,531
)
 
(77,227
)
 
5.27

Unvested balance at June 30, 2017
123,117

 
3,869,476

 
$
11.13

Earnings Per Unit
Earnings per unit for the three and six months ended June 30, 2017 and 2016 is computed as follows (amounts in thousands, except per share amounts):
 
Three Months Ended,
 
Six Months Ended,
 
June 30, 2017
 
June 30, 2016
 
June 30, 2017
 
June 30, 2016
Numerator:
 
 
 
 
 
 
 
Net income
$
31,359

 
$
24,640

 
$
50,504

 
$
41,345

Private perpetual preferred unit distributions
(234
)
 
(234
)
 
(468
)
 
(468
)
Earnings allocated to unvested units
(200
)
 
(215
)
 
(354
)
 
(387
)
Net income attributable to common unitholders - basic and diluted
$
30,925

 
$
24,191

 
$
49,682

 
$
40,490

 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
Weighted average units outstanding - basic
296,388

 
266,167

 
296,388

 
266,151

Effect of dilutive securities:
 
 
 
 
 
 
 
  Stock-based compensation plans

973

 

 
874

 

  Exchangeable senior notes
1,037

 

 
918

 

Weighted average units outstanding - diluted
298,398

 
266,167

 
298,180

 
266,151

 
 
 
 
 
 
 
 
Earnings per unit - basic and diluted
$
0.10

 
$
0.09

 
$
0.17

 
$
0.15