Beneficiaries Equity of the Parent Company

6 Months Ended

Jun. 30, 2019

Equity [Abstract]

BENEFICIARIES' EQUITY OF THE PARENT COMPANY

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 Months Ended June 30,
	2019						2018
	Basic			Diluted			Basic			Diluted
Numerator
Net income	$	6,252		$	6,252		$	12,876		$	12,876
Net income attributable to noncontrolling interests		(47	)		(47	)		(129	)		(129	)
Nonforfeitable dividends allocated to unvested restricted shareholders		(93	)		(93	)		(86	)		(86	)
Net income attributable to common shareholders	$	6,112		$	6,112		$	12,661		$	12,661
Denominator
Weighted-average shares outstanding		176,143,206			176,143,206			178,547,555			178,547,555
Contingent securities/Share based compensation		-			547,618			-			1,144,781
Weighted-average shares outstanding		176,143,206			176,690,824			178,547,555			179,692,336
Earnings per Common Share:
Net income attributable to common shareholders	$	0.03		$	0.03		$	0.07		$	0.07

	Six Months Ended June 30,
	2019						2018
	Basic			Diluted			Basic			Diluted
Numerator
Net income	$	10,835		$	10,835		$	57,321		$	57,321
Net income attributable to noncontrolling interests		(107	)		(107	)		(504	)		(504	)
Nonforfeitable dividends allocated to unvested restricted shareholders		(212	)		(212	)		(200	)		(200	)
Net income attributable to common shareholders	$	10,516		$	10,516		$	56,617		$	56,617
Denominator
Weighted-average shares outstanding		176,001,071			176,001,071			178,471,960			178,471,960
Contingent securities/Share based compensation		-			577,069			-			1,268,730
Weighted-average shares outstanding		176,001,071			176,578,140			178,471,960			179,740,690
Earnings per Common Share:
Net income attributable to common shareholders	$	0.06		$	0.06		$	0.32		$	0.31

Redeemable common limited partnership units totaling 981,626 at June 30, 2019 and 1,479,799 at June 30, 2018, 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 six months ended June 30, 2019 and 2018, 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 Shares

On May 22, 2019, the Parent Company declared a distribution of $0.19 per common share, totaling $33.8 million, which was paid on July 19, 2019 to shareholders of record as of July 5, 2019.

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 six months ended June 30, 2019, the Company repurchased and retired 1,337,169 common shares at an average price of $12.92 per share, totaling $17.3 million. There were no share repurchases during the three months ended June 30, 2019.