Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.3.1.900
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2015
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, 2015, 2014 and 2013 were taxable as follows:
Common dividends per share:
 
2015
 
2014
 
2013
Ordinary income
 
$
1.2850

 
$
0.7645

 
$
0.7894

Capital gain
 
0.0200

 

 
0.0115

Return of capital
 

 
0.1805

 
0.0841

 
 
$
1.3050

 
$
0.9450

 
$
0.8850



The following reconciles net income available to the Company's shareholders to taxable income available to common shareholders for the years ended December 31, 2015, 2014 and 2013 (in thousands):
 
 
2015
 
2014
 
2013
Net income available to the Company's shareholders
 
$
211,200

 
$
74,011

 
$
107,557

Book/tax difference on:
 
 
 
 
 
 
Depreciation and amortization
 
12,446

 
20,575

 
(10,697
)
Sale of assets and interests in unconsolidated entities
 
(110,248
)
 
(9,524
)
 
(1,805
)
Equity in earnings from unconsolidated joint ventures
 
6,772

 
12,910

 
5,601

Share-based payment compensation
 
4,751

 
(37,193
)
 
(3,818
)
Gain on previously held interest in acquired joint venture
 

 

 
(24,710
)
Other differences
 
(2,831
)
 
1,205

 
(5,823
)
Taxable income available to common shareholders
 
$
122,090

 
$
61,984

 
$
66,305



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, 2015, 2014 and 2013 (in thousands):
 
 
2015
 
2014
 
2013
Net income available to the Company's shareholders
 
$
211,200

 
$
74,011

 
$
107,557

Book/tax difference on:
 
 
 
 
 
 
Depreciation and amortization
 
12,446

 
20,575

 
(10,697
)
Sale of assets and interests in unconsolidated entities
 
(110,248
)
 
(9,524
)
 
(1,805
)
Equity in earnings from unconsolidated joint ventures
 
6,772

 
12,910

 
5,601

Share-based payment compensation
 
4,751

 
(37,193
)
 
(3,818
)
Gain on previously held interest in acquired joint venture
 

 

 
(24,710
)
Other differences
 
(2,831
)
 
1,205

 
(5,823
)
Taxable income available to common shareholders
 
$
122,090

 
$
61,984

 
$
66,305