Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v2.4.1.9
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2014
Accounting Policies [Abstract]  
Tax Treatment of Common Dividends Per Share for Federal Tax Purposes
For income tax purposes, distributions paid to the Company's common shareholders consist of ordinary income, capital gains, return of capital or a combination thereof. Dividends per share for the years ended December 31, 2014, 2013 and 2012 were taxable as follows:
Common dividends per share:
 
2014
 
2013
 
2012
Ordinary income
 
$
0.7645

 
$
0.7894

 
$
0.8293

Capital gain
 
—

 
0.0115

 
—

Return of capital
 
0.1805

 
0.0841

 
0.0007

 
 
$
0.9450

 
$
0.8850

 
$
0.8300



The following reconciles net income available to the Company's shareholders to taxable income available to common shareholders for the years ended December 31, 2014, 2013 and 2012:
 
 
2014
 
2013
 
2012
Net income available to the Company's shareholders
 
$
74,011

 
$
107,557

 
$
53,228

Book/tax difference on:
 
 
 
 
 
 
Depreciation and amortization
 
20,575

 
(10,697
)
 
16,034

Loss on sale or disposal of real estate
 
(9,524
)
 
(1,805
)
 
(1,543
)
Equity in earnings from unconsolidated joint ventures
 
12,910

 
5,601

 
5,037

Share-based payment compensation
 
(37,193
)
 
(3,818
)
 
(6,298
)
Gain on previously held interest in acquired joint venture
 
—

 
(24,710
)
 
—

Other differences
 
1,205

 
(5,823
)
 
(850
)
Taxable income available to common shareholders
 
$
61,984

 
$
66,305

 
$
65,608



GAAP Reconciliation of Net Income to Taxable Income

The following reconciles net income available to the Company's shareholders to taxable income available to common shareholders for the years ended December 31, 2014, 2013 and 2012:
 
 
2014
 
2013
 
2012
Net income available to the Company's shareholders
 
$
74,011

 
$
107,557

 
$
53,228

Book/tax difference on:
 
 
 
 
 
 
Depreciation and amortization
 
20,575

 
(10,697
)
 
16,034

Loss on sale or disposal of real estate
 
(9,524
)
 
(1,805
)
 
(1,543
)
Equity in earnings from unconsolidated joint ventures
 
12,910

 
5,601

 
5,037

Share-based payment compensation
 
(37,193
)
 
(3,818
)
 
(6,298
)
Gain on previously held interest in acquired joint venture
 
—

 
(24,710
)
 
—

Other differences
 
1,205

 
(5,823
)
 
(850
)
Taxable income available to common shareholders
 
$
61,984

 
$
66,305

 
$
65,608