Partners Equity of The Operating Partnership

6 Months Ended

Jun. 30, 2020

PARTNERS' EQUITY OF THE OPERATING PARTNERSHIP

12. PARTNERS' EQUITY OF THE PARENT COMPANY

Earnings per Common Partnership Unit

The following table details the number of units and net income used to calculate basic and diluted earnings per common partnership unit (in thousands, except unit and per unit 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	(10		)	(10		)	(13		)	(13		)
Nonforfeitable dividends allocated to unvested restricted unitholders	(93		)	(93		)	(93		)	(93		)
Net income attributable to common unitholders	$	3,917		$	3,917		$	6,146		$	6,146
Denominator
Weighted-average units outstanding	171,499,729			171,499,729			177,125,064			177,125,064
Contingent securities/Share based compensation	—			251,983			—			547,619
Total weighted-average units outstanding	171,499,729			171,751,712			177,125,064			177,672,683
Earnings per Common Partnership Unit:
Net income attributable to common unitholders	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	(22		)	(22		)	(47		)	(47		)
Nonforfeitable dividends allocated to unvested restricted unitholders	(224		)	(224		)	(212		)	(212		)
Net income attributable to common unitholders	$	11,861		$	11,861		$	10,576		$	10,576
Denominator
Weighted-average units outstanding	174,275,665			174,275,665			176,983,433			176,983,433
Contingent securities/Share based compensation	—			311,917			—			577,069
Total weighted-average units outstanding	174,275,665			174,587,582			176,983,433			177,560,502
Earnings per Common Partnership Unit:
Net income attributable to common unitholders	$	0.07		$	0.07		$	0.06		$	0.06

Unvested restricted units 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 were allocated to the unvested restricted units issued to the Parent Company's executives and other employees under the Parent Company's shareholder-approved long-term incentive plan.

Common Partnership Units

On May 20, 2020 the Operating Partnership declared a distribution of $0.19 per common partnership unit, totaling $32.7 million, which was paid on July 22, 2020 to unitholders of record as of July 8, 2020.

In connection with the Parent Company’s common share repurchase program, one common unit of the Operating Partnership is retired for each common share repurchased. During the six months ended June 30, 2020, the Company retired 6,248,483 common partnership units at an average price of $9.60 per unit, totaling $60.0 million, in connection with an equal number of common

share repurchases. During the six months ended June 30, 2019, the Company retired 1,337,169 common partnership units at an average price of $12.92 per unit, totaling $17.3 million, in connection with an equal number of share repurchases.