Beneficiaries Equity of the Parent Company

6 Months Ended

Jun. 30, 2021

BENEFICIARIES' EQUITY OF THE PARENT COMPANY

12. 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,
	2021				2020
	Basic		Diluted		Basic		Diluted
Numerator
Net income (loss)	$	(175)	$	(175)	$	4,020	$	4,020
Net (income) loss attributable to noncontrolling interests	8		8		(24)		(24)
Nonforfeitable dividends allocated to unvested restricted shareholders	(94)		(94)		(93)		(93)


Net income (loss) attributable to common shareholders	$	(261)	$	(261)	$	3,903	$	3,903
Denominator
Weighted-average shares outstanding	170,848,894		170,848,894		170,518,095		170,518,095
Contingent securities/Share based compensation	—		—		—		251,983
Weighted-average shares outstanding	170,848,894		170,848,894		170,518,095		170,770,078
Earnings per Common Share:
Net income attributable to common shareholders	$	—	$	—	$	0.02	$	0.02


	Six Months Ended June 30,
	2021				2020
	Basic		Diluted		Basic		Diluted
Numerator
Net income	$	6,789	$	6,789	$	12,107	$	12,107
Net income attributable to noncontrolling interests	(35)		(35)		(89)		(89)
Nonforfeitable dividends allocated to unvested restricted shareholders	(240)		(240)		(224)		(224)


Net income attributable to common shareholders	$	6,514	$	6,514	$	11,794	$	11,794
Denominator
Weighted-average shares outstanding	170,737,437		170,737,437		173,294,031		173,294,031
Contingent securities/Share based compensation	—		1,258,682		—		311,917
Weighted-average shares outstanding	170,737,437		171,996,119		173,294,031		173,605,948
Earnings per Common Share:
Net income attributable to common shareholders	$	0.04	$	0.04	$	0.07	$	0.07

Redeemable common limited partnership units totaling 823,983 at June 30, 2021 and 981,634 at June 30, 2020, 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, 2021 and 2020, 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 18, 2021, the Parent Company declared a distribution of $0.19 per common share, totaling $32.7 million, which was paid on July 21, 2021 to shareholders of record as of July 7, 2021.

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, 2021, the Company did not repurchase any common shares. 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.