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Beneficiaries Equity of the Parent Company
 6 Months Ended
Jun. 30, 2020
Equity [Abstract]  
BENEFICIARIES' EQUITY OF THE PARENT COMPANY
11. BENEFICIARIES' EQUITY OF THE PARENT COMPANY
Earnings per Share (EPS)
The following table details the number of shares and net income used to calculate basic and diluted earnings per share (in thousands, except share and per share amounts; results may not add due to rounding):
 
Three Months Ended June 30,
 
2020
 
2019
 
Basic
 
Diluted
 
Basic
 
Diluted
Numerator
 
 
 
 
 
 
 
Net income
$
4,020

 
$
4,020

 
$
6,252

 
$
6,252

Net income attributable to noncontrolling interests
(24
)
 
(24
)
 
(47
)
 
(47
)
Nonforfeitable dividends allocated to unvested restricted shareholders
(93
)
 
(93
)
 
(93
)
 
(93
)
Net income attributable to common shareholders
$
3,903

 
$
3,903

 
$
6,112

 
$
6,112

Denominator
 
 
 
 
 
 
 
Weighted-average shares outstanding
170,518,095

 
170,518,095

 
176,143,206

 
176,143,206

Contingent securities/Share based compensation
—

 
251,983

 
—

 
547,618

Weighted-average shares outstanding
170,518,095

 
170,770,078

 
176,143,206

 
176,690,824

Earnings per Common Share:
 
 
 
 
 
 
 
Net income attributable to common shareholders
$
0.02

 
$
0.02

 
$
0.03

 
$
0.03

 
Six Months Ended June 30,
 
2020
 
2019
 
Basic
 
Diluted
 
Basic
 
Diluted
Numerator
 
 
 
 
 
 
 
Net income
$
12,107

 
$
12,107

 
$
10,835

 
$
10,835

Net income attributable to noncontrolling interests
(89
)
 
(89
)
 
(107
)
 
(107
)
Nonforfeitable dividends allocated to unvested restricted shareholders
(224
)
 
(224
)
 
(212
)
 
(212
)
Net income attributable to common shareholders
$
11,794

 
$
11,794

 
$
10,516

 
$
10,516

Denominator
 
 
 
 
 
 
 
Weighted-average shares outstanding
173,294,031

 
173,294,031

 
176,001,071

 
176,001,071

Contingent securities/Share based compensation
—

 
311,917

 
—

 
577,069

Weighted-average shares outstanding
173,294,031

 
173,605,948

 
176,001,071

 
176,578,140

Earnings per Common Share:
 
 
 
 
 
 
 
Net income attributable to common shareholders
$
0.07

 
$
0.07

 
$
0.06

 
$
0.06

Redeemable common limited partnership units totaling 981,634 at June 30, 2020 and 981,626 at June 30, 2019, were excluded from the diluted earnings per share computations because they are not dilutive.
Unvested restricted shares are considered participating securities which require the use of the two-class method for the computation of basic and diluted earnings per share. For the three and six months ended June 30, 2020 and 2019, earnings representing nonforfeitable dividends as noted in the table above were allocated to the unvested restricted shares issued to the Company’s executives and other employees under the Company's shareholder-approved long-term incentive plan.
Common Shares
On May 20, 2020 the Parent Company declared a distribution of $0.19 per common share, totaling $32.7 million, which was paid on July 22, 2020 to shareholders of record as of July 8, 2020.
The Parent Company maintains a common share repurchase program under which the Board of Trustees has authorized the Parent Company to repurchase common shares. On January 3, 2019, the Board of Trustees authorized the repurchase of up to $150.0 million common shares from and after January 3, 2019. During the six months ended June 30, 2020, the Company repurchased and retired 6,248,483 common shares at an average price of $9.60 per share, totaling $60.0 million. During the six months ended June 30, 2019, the Company repurchased and retired 1,337,169 common shares at an average price of $12.92 per share, totaling $17.3 million.