10. 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):

	Three-month periods ended September 30,
	2017						2016
	Basic			Diluted			Basic			Diluted
Numerator
Income from continuing operations	$	19,046		$	19,046		$	7,884		$	7,884
Net income from continuing operations attributable to non-controlling interests		(170	)		(170	)		(58	)		(58	)
Nonforfeitable dividends allocated to unvested restricted shareholders		(73	)		(73	)		(79	)		(79	)
Preferred share dividends		-			-			(1,725	)		(1,725	)
Net income attributable to common shareholders	$	18,803		$	18,803		$	6,022		$	6,022
Denominator
Weighted-average shares outstanding		175,433,657			175,433,657			175,127,110			175,127,110
Contingent securities/Share based compensation		-			1,401,365			-			1,237,505
Weighted-average shares outstanding		175,433,657			176,835,022			175,127,110			176,364,615
Earnings per Common Share:
Net income attributable to common shareholders	$	0.11		$	0.11		$	0.03		$	0.03

	Nine-month periods ended September 30,
	2017						2016
	Basic			Diluted			Basic			Diluted
Numerator
Income from continuing operations	$	48,015		$	48,015		$	52,871		$	52,871
Net income from continuing operations attributable to non-controlling interests		(384	)		(384	)		(425	)		(425	)
Nonforfeitable dividends allocated to unvested restricted shareholders		(245	)		(245	)		(263	)		(263	)
Preferred share dividends		(2,032	)		(2,032	)		(5,175	)		(5,175	)
Preferred share redemption charge		(3,181	)		(3,181	)		-			-
Net income attributable to common shareholders	$	42,173		$	42,173		$	47,008		$	47,008
Denominator
Weighted-average shares outstanding		175,315,581			175,315,581			174,976,998			174,976,998
Contingent securities/Share based compensation		-			1,283,751			-			1,032,824
Weighted-average shares outstanding		175,315,581			176,599,332			174,976,998			176,009,822
Earnings per Common Share:
Net income attributable to common shareholders	$	0.24		$	0.24		$	0.27		$	0.27

Redeemable common limited partnership units totaling 1,479,799 at both September 30, 2017 and September 30, 2016, 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-month periods ended September 30, 2017 and 2016, 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 September 12, 2017, the Parent Company declared a distribution of $0.16 per common share, totaling $28.4 million, which was paid on October 18, 2017 to shareholders of record as of October 4, 2017.

On April 11, 2017, the Parent Company redeemed all of its outstanding 4,000,000 Series E Preferred Shares at an aggregate redemption price of $25.51 per share, which includes $2.0 million of dividends accrued through the redemption date. The redemption was funded with existing cash balances on hand.

Also on April 11, 2017, the Parent Company recognized a $3.2 million charge related to the underwriting discount and related expenses incurred at issuance of the Series E Preferred Shares on April 11, 2012. This charge is included in the earnings per share calculations above, as well as within the Parent Company’s consolidated income statements as a reduction in net income to arrive at net income attributable to common shareholders under the caption “Preferred share redemption charge.” There were no comparable charges for the prior year.