| Earnings Per Share |
8. Earnings Per Share
The components of the computation of basic and diluted EPS were as follows:
| |
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|
|
|
|
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|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
| |
|
2011 |
|
|
2010 |
|
|
2011 |
|
|
2010 |
|
|
Net increase in shareholders' equity resulting from operations |
|
$ |
(1,321,580 |
) |
|
$ |
3,731,130 |
|
|
$ |
9,785,590 |
|
|
$ |
11,326,588 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in shareholders' equity resulting from operations available to common share and LTIP holders: |
|
|
(1,321,580 |
) |
|
|
3,731,130 |
|
|
|
9,785,590 |
|
|
|
11,326,588 |
|
|
Net increase (decrease) in shareholders' equity resulting from operations - common shares |
|
|
(1,291,458 |
) |
|
|
3,616,464 |
|
|
|
9,562,518 |
|
|
|
10,977,895 |
|
|
Net increase (decrease) in shareholders' equity resulting from operations - LTIPs |
|
|
(30,122 |
) |
|
|
114,666 |
|
|
|
223,072 |
|
|
|
348,693 |
|
| |
|
|
|
|
|
Dividends Paid: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Common Shares |
|
|
(6,602,952 |
) |
|
|
(2,996,417 |
) |
|
|
(28,224,164 |
) |
|
|
(17,976,035 |
) |
|
LTIPs |
|
|
(154,000 |
) |
|
|
(95,000 |
) |
|
|
(658,350 |
) |
|
|
(570,000 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total dividends paid to common share and LTIP holders |
|
|
(6,756,952 |
) |
|
|
(3,091,417 |
) |
|
|
(28,882,514 |
) |
|
|
(18,546,035 |
) |
|
Undistributed earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares |
|
|
(7,894,410 |
) |
|
|
620,047 |
|
|
|
(18,661,646 |
) |
|
|
(6,998,140 |
) |
|
LTIPs |
|
|
(184,122 |
) |
|
|
19,666 |
|
|
|
(435,278 |
) |
|
|
(221,307 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
Total undistributed earnings attributable to common share and LTIP holders |
|
$ |
(8,078,532 |
) |
|
$ |
639,713 |
|
|
$ |
(19,096,924 |
) |
|
$ |
(7,219,447 |
) |
|
Weighted average shares outstanding (basic and diluted): |
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|
|
|
|
|
|
|
|
|
|
|
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|
|
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Weighted average common shares outstanding |
|
|
16,506,453 |
|
|
|
11,984,824 |
|
|
|
16,503,940 |
|
|
|
11,981,338 |
|
|
Weighted average participating LTIPs |
|
|
385,000 |
|
|
|
380,000 |
|
|
|
385,000 |
|
|
|
380,566 |
|
|
Basic earnings per common share: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Distributed |
|
$ |
0.40 |
|
|
$ |
0.25 |
|
|
$ |
1.71 |
|
|
$ |
1.50 |
|
|
Undistributed |
|
|
(0.48 |
) |
|
|
0.05 |
|
|
|
(1.13 |
) |
|
|
(0.58 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
$ |
(0.08 |
) |
|
$ |
0.30 |
|
|
$ |
0.58 |
|
|
$ |
0.92 |
|
| |
|
|
|
|
|
|
|
|
|
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|
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|
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Diluted earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
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Distributed |
|
$ |
0.40 |
|
|
$ |
0.25 |
|
|
$ |
1.71 |
|
|
$ |
1.50 |
|
|
Undistributed |
|
|
(0.48 |
) |
|
|
0.05 |
|
|
|
(1.13 |
) |
|
|
(0.58 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
$ |
(0.08 |
) |
|
$ |
0.30 |
|
|
$ |
0.58 |
|
|
$ |
0.92 |
|
| |
|
|
|
|
|
|
|
|
|
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|
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|
The Company pays quarterly dividends in arrears. Dividends paid in the table above relate to the respective period's prior period earnings. |