Partners Equity of The Operating Partnership

3 Months Ended

Mar. 31, 2019

PARTNERS' EQUITY OF THE OPERATING PARTNERSHIP

11. PARTNERS’ EQUITY OF THE OPERATING PARTNERSHIP

Earnings per Common Partnership Unit

The following tables detail the number of units and net income used to calculate basic and diluted earnings per common partnership unit (in thousands, except unit and per unit amounts; results may not add due to rounding):

	Three-month periods ended March 31,
	2019						2018
	Basic			Diluted			Basic			Diluted
Numerator
Net income	$	4,066		$	4,066		$	44,705		$	44,705
Net income attributable to noncontrolling interests		(34	)		(34	)		(5	)		(5	)
Nonforfeitable dividends allocated to unvested restricted unitholders		(119	)		(119	)		(114	)		(114	)
Net income attributable to common unitholders	$	3,913		$	3,913		$	44,586		$	44,586
Denominator
Weighted-average units outstanding		176,840,229			176,840,229			179,875,324			179,875,324
Contingent securities/Share based compensation		-			606,860			-			1,392,786
Total weighted-average units outstanding		176,840,229			177,447,089			179,875,324			181,268,110
Earnings per Common Partnership Unit:
Net income attributable to common unitholders	$	0.02		$	0.02		$	0.25		$	0.25

Unvested restricted units 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-month periods ended March 31, 2019 and 2018, earnings representing nonforfeitable dividends as noted in the table above were allocated to the unvested restricted units issued to the Parent Company in connection with awards to the Parent Company’s executives and other employees under the Parent Company's shareholder-approved long-term incentive plan.

Common Partnership Units

On February 21, 2019, the Operating Partnership declared a distribution of $0.19 per common partnership unit, totaling $33.7 million, which was paid on April 18, 2019 to unitholders of record as of April 4, 2019.

In connection with the Parent Company’s common share repurchase program, one common unit of the Operating Partnership is retired for each common share repurchased. During the three months ended March 31, 2019, the Company repurchased and retired 1,337,169 common partnership units at an average price of $12.92 per unit, totaling $17.3 million.