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BENEFICIARIES' EQUITY OF THE PARENT COMPANY
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
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):
Year Ended December 31,
202420232022
BasicDilutedBasicDilutedBasicDiluted
Numerator
Net income (loss)$(196,487)$(196,487)$(197,403)$(197,403)$53,992 $53,992 
Net (income) loss attributable to noncontrolling interests580 580 614 614 (168)(168)
Nonforfeitable dividends allocated to unvested restricted shareholders(1,178)(1,178)(567)(567)(456)(456)
Net income (loss) attributable to common shareholders$(197,085)$(197,085)$(197,356)$(197,356)$53,368 $53,368 
Denominator
Weighted-average shares outstanding172,526,996 172,526,996 171,959,210 171,959,210 171,491,369 171,491,369 
Contingent securities/Share-based compensation— — — — — 834,277 
Weighted-average shares outstanding172,526,996 172,526,996 171,959,210 171,959,210 171,491,369 172,325,646 
Earnings (loss) per Common Share:
Net income (loss) attributable to common shareholders$(1.14)$(1.14)$(1.15)$(1.15)$0.31 $0.31 
The contingent securities/share-based compensation impact is calculated using the treasury stock method and relates to employee awards settled in shares of the Parent Company. The effect of these securities is anti-dilutive for periods that the Parent Company incurs a net loss from continuing operations available to common shareholders and therefore is excluded from the dilutive earnings per share calculation in such periods.
Redeemable common limited partnership units totaling 515,595 at December 31, 2024, 515,595 at December 31, 2023 and 516,467 at December 31, 2022, respectively, 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 years ended December 31, 2024, 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 incentive plan.
Common and Preferred Shares
On December 10, 2024, the Parent Company declared a distribution of $0.15 per common share, totaling $26.3 million, which was paid on January 23, 2025 to shareholders of record as of January 8, 2025.
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 years ended December 31, 2024 and 2023, no common shares were repurchased by the Company.
Of the 20,000,000 preferred shares authorized, none were outstanding as of December 31, 2024 or December 31, 2023.
Common Share Repurchases
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 year ended December 31, 2024 and 2023, the Company did not repurchase any common shares.