BENEFICIARIES' EQUITY OF THE PARENT COMPANY

6 Months Ended

Jun. 30, 2022

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,
	2022				2021
	Basic		Diluted		Basic		Diluted
Numerator
Net income	$	4,651	$	4,651	$	(175)	$	(175)
Net (income) loss attributable to noncontrolling interests	(14)		(14)		8		8
Nonforfeitable dividends allocated to unvested restricted shareholders	(98)		(98)		(94)		(94)


Net income (loss) attributable to common shareholders	$	4,539	$	4,539	$	(261)	$	(261)
Denominator
Weighted-average shares outstanding	171,527,031		171,527,031		170,848,894		170,848,894
Contingent securities/Share based compensation	—		733,398		—		—
Weighted-average shares outstanding	171,527,031		172,260,429		170,848,894		170,848,894
Earnings per Common Share:
Net income attributable to common shareholders	$	0.03	$	0.03	$	—	$	—


	Six Months Ended June 30,
	2022				2021
	Basic		Diluted		Basic		Diluted
Numerator
Net income	$	10,752	$	10,752	$	6,789	$	6,789
Net income attributable to noncontrolling interests	(22)		(22)		(35)		(35)
Nonforfeitable dividends allocated to unvested restricted shareholders	(246)		(246)		(240)		(240)


Net income attributable to common shareholders	$	10,484	$	10,484	$	6,514	$	6,514
Denominator
Weighted-average shares outstanding	171,411,631		171,411,631		170,737,437		170,737,437
Contingent securities/Share based compensation	—		1,163,777		—		1,258,682
Weighted-average shares outstanding	171,411,631		172,575,408		170,737,437		171,996,119
Earnings per Common Share:
Net income attributable to common shareholders	$	0.06	$	0.06	$	0.04	$	0.04

Redeemable common limited partnership units totaling 516,467 at June 30, 2022 and 823,983 at June 30, 2021, 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, 2022 and 2021, 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, 2022, the Parent Company declared a distribution of $0.19 per common share, totaling $32.8 million, which was paid on July 20, 2022 to shareholders of record as of July 6, 2022.

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, 2022 and June 30, 2021, the Company did not repurchase any common shares.