| Earnings Per Share |
8. Earnings Per Share
The components of the computation of basic and diluted EPS were as follows:
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Month Period Ended |
|
|
Nine Month Period Ended |
|
| |
|
September 30, |
|
|
September 30, |
|
| |
|
2012 |
|
|
2011 |
|
|
2012 |
|
|
2011 |
|
| (In thousands except share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in shareholders' equity resulting from operations |
$ |
29,537 |
|
$ |
(1,160 |
) |
$ |
72,360 |
|
$ |
8,626 |
|
| Net increase (decrease) in shareholders' equity resulting from operations |
|
|
|
|
|
|
|
|
|
|
|
|
| available to common share and LTIP holders: |
|
29,537 |
|
|
(1,160 |
) |
|
72,360 |
|
|
8,626 |
|
| Net increase (decrease) in shareholders' equity resulting from operations - |
|
|
|
|
|
|
|
|
|
|
|
|
| common shares |
|
28,914 |
|
|
(1,134 |
) |
|
70,736 |
|
|
8,429 |
|
| Net increase (decrease) in shareholders' equity resulting from operations - LTIPs |
|
623 |
|
|
(26 |
) |
|
1,624 |
|
|
197 |
|
| |
| Dividends Paid: |
|
|
|
|
|
|
|
|
|
|
|
|
| Common shares |
|
(13,971 |
) |
|
(6,598 |
) |
|
(32,063 |
) |
|
(34,822 |
) |
| LTIPs |
|
(273 |
) |
|
(154 |
) |
|
(703 |
) |
|
(812 |
) |
| Total dividends paid to common share and LTIP holders |
|
(14,244 |
) |
|
(6,752 |
) |
|
(32,766 |
) |
|
(35,634 |
) |
| |
| Undistributed earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
| Common shares |
|
14,943 |
|
|
(7,732 |
) |
|
38,673 |
|
|
(26,393 |
) |
| LTIPs |
|
350 |
|
|
(180 |
) |
|
921 |
|
|
(615 |
) |
| Total undistributed earnings attributable to common share and LTIP holders |
$ |
15,293 |
|
$ |
(7,912 |
) |
$ |
39,594 |
|
$ |
(27,008 |
) |
| |
| Weighted average shares outstanding (basic and diluted): |
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average common shares outstanding |
|
18,161,224 |
|
|
16,501,829 |
|
|
17,023,011 |
|
|
16,503,229 |
|
| Weighted average participating LTIPs |
|
391,604 |
|
|
385,652 |
|
|
390,871 |
|
|
385,220 |
|
| |
| Basic earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
| Distributed |
$ |
0.77 |
|
$ |
0.40 |
|
$ |
1.88 |
|
$ |
2.11 |
|
| Undistributed |
|
0.82 |
|
|
(0.47 |
) |
|
2.27 |
|
|
(1.60 |
) |
| |
$ |
1.59 |
|
$ |
(0.07 |
) |
$ |
4.15 |
|
$ |
0.51 |
|
| |
| Diluted earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
| Distributed |
$ |
0.77 |
|
$ |
0.40 |
|
$ |
1.88 |
|
$ |
2.11 |
|
| Undistributed |
|
0.82 |
|
|
(0.47 |
) |
|
2.27 |
|
|
(1.60 |
) |
| |
$ |
1.59 |
|
$ |
(0.07 |
) |
$ |
4.15 |
|
$ |
0.51 |
|
The Company pays quarterly dividends in arrears. Dividends paid in the table above relate to the respective period's prior period earnings. |