12. BENEFICIARIES’ EQUITY OF THE PARENT COMPANY

Earnings per Share (EPS)

The following tables detail 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,
	2016						2015						2014
	Basic			Diluted			Basic			Diluted			Basic			Diluted
Numerator
Income (loss) from continuing operations	$	40,501		$	40,501		$	(30,740	)	$	(30,740	)	$	6,024		$	6,024
Net (income) loss from continuing operations attributable to non-controlling interests		(310	)		(310	)		339			339			43			43
Nonforfeitable dividends allocated to unvested restricted shareholders		(341	)		(341	)		(329	)		(329	)		(349	)		(349	)
Preferred share dividends		(6,900	)		(6,900	)		(6,900	)		(6,900	)		(6,900	)		(6,900	)
Income (loss) from continuing operations available to common shareholders		32,950			32,950			(37,630	)		(37,630	)		(1,182	)		(1,182	)
Income from discontinued operations		-			-			-			-			908			908
Net income (loss) attributable to common shareholders	$	32,950		$	32,950		$	(37,630	)	$	(37,630	)	$	(274	)	$	(274	)
Denominator
Weighted-average shares outstanding		175,018,163			175,018,163			178,162,160			178,162,160			166,202,649			166,202,649
Contingent securities/Share based compensation		-			992,651			-			-			-			-
Weighted-average shares outstanding		175,018,163			176,010,814			178,162,160			178,162,160			166,202,649			166,202,649
Earnings (loss) per Common Share:
Income (loss) from continuing operations attributable to common shareholders	$	0.19		$	0.19		$	(0.21	)	$	(0.21	)	$	(0.01	)	$	(0.01	)
Discontinued operations attributable to common shareholders		-			-			-			-		0.01			0.01
Net income (loss) attributable to common shareholders	$	0.19		$	0.19		$	(0.21	)	$	(0.21	)	$	-		$	-

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 1,479,799 in 2016 and 1,535,102 in both 2015 and 2014, 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, 2016, 2015 and 2014, earnings representing nonforfeitable dividends were allocated to the unvested restricted shares issued to the Company’s executives and other employees under the Amended and Restated 1997 Long-Term Incentive Plan.

Common and Preferred Shares

On December 6, 2016, the Parent Company declared a distribution of $0.16 per common share, totaling $28.1 million, which was paid on January 25, 2017 to shareholders of record as of January 11, 2017. On December 6, 2016, the Parent Company declared distributions on its Series E Preferred Shares to holders of record as of December 30, 2016. These shares are entitled to a preferential return of 6.90% per annum on the $25.00 per share liquidation preference. Distributions paid on January 17, 2017 to holders of Series E Preferred Shares totaled $1.7 million.

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 with no expiration date. On July 22, 2015, the Parent Company's Board of Trustees authorized additional common share repurchases of up to $100.0 million. Prior to the authorization, 539,200 common shares were available for repurchase under the preexisting share repurchase program. The Company expects to fund the share repurchases with a combination of available cash balances and availability under its unsecured revolving credit facility. During the year ended December 31, 2016, there were no share repurchases under the program. During the year ended December 31, 2015, the Company repurchased and retired 5,209,437 common shares at an average purchase price of $12.90 per share and totaling $67.3 million. All of the repurchases under the current common share repurchase program occurred during 2015. The timing and amounts of any purchases will depend on a variety of factors, including market conditions, regulatory requirements, share prices, capital availability and other factors as determined by the Company’s management team. The repurchase program does not require the purchase of any minimum number of shares and may be suspended or discontinued at any time without notice.

The common shares repurchased were retired and, as a result, were accounted for in accordance with Maryland law, which does not contemplate treasury stock. The repurchases were recorded as a reduction of common share (at $0.01 par value per share) and a decrease to additional paid-in-capital.