Partners' Equity Of The Parent Company

3 Months Ended

Mar. 31, 2021

13. 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 March 31,
	2021				2020
	Basic		Diluted		Basic		Diluted
Numerator
Net income	$	6,964	$	6,964	$	8,087	$	8,087
Net (income) loss attributable to noncontrolling interests	1		1		(12)		(12)
Nonforfeitable dividends allocated to unvested restricted unitholders	(146)		(146)		(131)		(131)


Net income attributable to common unitholders	$	6,819	$	6,819	$	7,944	$	7,944
Denominator
Weighted-average units outstanding	171,606,375		171,606,375		177,051,602		177,051,602
Contingent securities/Share based compensation	—		1,011,379		—		583,491
Total weighted-average units outstanding	171,606,375		172,617,754		177,051,602		177,635,093
Earnings per Common Partnership Unit:
Net income attributable to common unitholders	0.04		0.04		0.04		0.04

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 months ended March 31, 2021 and 2020, 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 February 24, 2021, the Operating Partnership declared a distribution of $0.19 per common partnership unit, totaling $32.8 million, which was paid on April 21, 2021 to unitholders of record as of April 7, 2021.

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 three months ended March 31, 2021, the Company did not repurchase any units. During the three months ended March 31, 2020, the Company retired 5,644,200 common partnership units at an average price of $9.54 per unit, totaling $53.9 million, in connection with an equal number of share repurchases.