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Earnings per Common Share
 9 Months Ended
Sep. 30, 2016
Earnings Per Share [Abstract]  
Earnings per Common Share
Earnings per Common Share
 
Basic earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding during the period excluding the weighted-average number of unvested restricted shares outstanding during the period. Diluted earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding during the period, plus any shares that could potentially be outstanding during the period. The potential shares consist of the unvested restricted share grants and unvested performance units, calculated using the treasury stock method. Any anti-dilutive shares have been excluded from the diluted earnings per share calculation.
 
Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating shares and are considered in the computation of earnings per share pursuant to the two-class method. If there were any undistributed earnings allocable to participating shares, they would be deducted from net income attributable to common shareholders used in the basic and diluted earnings per share calculations.
 
The limited partners’ outstanding limited partnership units in the Operating Partnership (which may be redeemed for common shares of beneficial interest under certain circumstances) have been excluded from the diluted earnings per share calculation as there was no effect on the amounts for the three and nine months ended September 30, 2016 and 2015, since the limited partners’ share of income would also be added back to net income attributable to common shareholders.
 
The computation of basic and diluted earnings per common share is as follows (in thousands, except share and per share data):
 
For the three months ended September 30,
 
For the nine months ended September 30,
 
2016
 
2015
 
2016
 
2015
Numerator:
 
 
 
 
 
 
 
Net income attributable to common shareholders
$
41,174

 
$
40,594

 
$
124,918

 
$
144,435

Less: Dividends paid on unvested restricted shares
(204
)
 
(346
)
 
(891
)
 
(863
)
Less: Undistributed earnings attributable to unvested restricted shares
(1
)
 
—

 
(8
)
 
(136
)
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares
$
40,969

 
$
40,248

 
$
124,019

 
$
143,436

 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
Weighted-average number of common shares - basic
123,621,323

 
127,663,480

 
123,635,010

 
129,855,686

Unvested restricted shares
194,210

 
479,674

 
224,743

 
554,927

Unvested performance units
20,919

 
—

 
—

 
—

Weighted-average number of common shares - diluted
123,836,452

 
128,143,154

 
123,859,753

 
130,410,613

 
 
 
 
 
 
 
 
Net income per share attributable to common shareholders - basic
$
0.33

 
$
0.32

 
$
1.00

 
$
1.10

 
 
 
 
 
 
 
 
Net income per share attributable to common shareholders - diluted
$
0.33

 
$
0.31

 
$
1.00

 
$
1.10