BENEFICIARIES' EQUITY OF THE PARENT COMPANY

9 Months Ended

Sep. 30, 2023

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 September 30,
	2023				2022
	Basic		Diluted		Basic		Diluted
Numerator
Net income (loss)	$	(21,636)	$	(21,636)	$	13,478	$	13,478
Net (income) loss attributable to noncontrolling interests	82		82		(37)		(37)
Nonforfeitable dividends allocated to unvested restricted shareholders	(159)		(159)		(105)		(105)


Net income (loss) attributable to common shareholders	$	(21,713)	$	(21,713)	$	13,336	$	13,336
Denominator
Weighted-average shares outstanding	172,097,661		172,097,661		171,569,807		171,569,807
Contingent securities/Share based compensation	—		—		—		582,449
Weighted-average shares outstanding	172,097,661		172,097,661		171,569,807		172,152,256
Earnings (loss) per Common Share:
Net income (loss) attributable to common shareholders	$	(0.13)	$	(0.13)	$	0.08	$	0.08


	Nine Months Ended September 30,
	2023				2022
	Basic		Diluted		Basic		Diluted
Numerator
Net income (loss)	$	(39,649)	$	(39,649)	$	24,230	$	24,230
Net (income) loss attributable to noncontrolling interests	140		140		(59)		(59)
Nonforfeitable dividends allocated to unvested restricted shareholders	(433)		(433)		(351)		(351)


Net income (loss) attributable to common shareholders	$	(39,942)	$	(39,942)	$	23,820	$	23,820
Denominator
Weighted-average shares outstanding	171,912,552		171,912,552		171,464,936		171,464,936
Contingent securities/Share based compensation	—		—		—		970,217
Weighted-average shares outstanding	171,912,552		171,912,552		171,464,936		172,435,153
Earnings (loss) per Common Share:
Net income (loss) attributable to common shareholders	$	(0.23)	$	(0.23)	$	0.14	$	0.14

Redeemable common limited partnership units totaling 516,467 at September 30, 2023 and September 30, 2022, 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 nine months ended September 30, 2023 and 2022, 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 equity incentive plan.

Common Shares

On September 20, 2023, the Parent Company declared a distribution of $0.15 per common share, totaling $26.0 million, which was paid on October 18, 2023 to shareholders of record as of October 4, 2023.

The Parent Company maintains a common share repurchase program under which the Board of Trustees has authorized the Parent Company to repurchase its common shares. On January 3, 2019, the Board of Trustees authorized the repurchase of up to $150.0 million of the Company's common shares from and after January 3, 2019. During the nine months ended September 30, 2023 and September 30, 2022, the Company did not repurchase any common shares.