BENEFICIARIES' EQUITY OF THE PARENT COMPANY

6 Months Ended

Jun. 30, 2024

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,
	2024				2023
	Basic		Diluted		Basic		Diluted
Numerator
Net income (loss)	$	30,267	$	30,267	$	(12,737)	$	(12,737)
Net (income) loss attributable to noncontrolling interests	(94)		(94)		41		41
Nonforfeitable dividends allocated to unvested restricted shareholders	(277)		(277)		(204)		(204)


Net income (loss) attributable to common shareholders	$	29,896	$	29,896	$	(12,900)	$	(12,900)
Denominator
Weighted-average shares outstanding	172,563,136		172,563,136		171,962,162		171,962,162
Contingent securities/Share based compensation	—		2,132,515		—		—
Weighted-average shares outstanding	172,563,136		174,695,651		171,962,162		171,962,162
Earnings (loss) per Common Share:
Net income (loss) attributable to common shareholders	$	0.17	$	0.17	$	(0.08)	$	(0.08)


	Six Months Ended June 30,
	2024				2023
	Basic		Diluted		Basic		Diluted
Numerator
Net income (loss)	$	13,853	$	13,853	$	(18,013)	$	(18,013)
Net (income) loss attributable to noncontrolling interests	(48)		(48)		58		58
Nonforfeitable dividends allocated to unvested restricted shareholders	(613)		(613)		(274)		(274)


Net income (loss) attributable to common shareholders	$	13,192	$	13,192	$	(18,229)	$	(18,229)
Denominator
Weighted-average shares outstanding	172,385,087		172,385,087		171,818,463		171,818,463
Contingent securities/Share based compensation	—		1,957,064		—		—
Weighted-average shares outstanding	172,385,087		174,342,151		171,818,463		171,818,463
Earnings (loss) per Common Share:
Net income (loss) attributable to common shareholders	$	0.08	$	0.08	$	(0.11)	$	(0.11)

Redeemable common limited partnership units totaling 515,595 and 516,467 at June 30, 2024 and June 30, 2023, respectively, were excluded from the diluted earnings per share computations because they are not dilutive. The reduction in the number of outstanding common limited partnership units reflects the redemption for cash of 872 such units on December 19, 2023.

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, 2024 and 2023, 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 May 23, 2024, the Parent Company declared a distribution of $0.15 per common share, totaling $26.3 million, which was paid on July 18, 2024 to shareholders of record as of July 3, 2024.

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 six months ended June 30, 2024 and June 30, 2023, the Company did not repurchase any common shares.