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 March 31,
	2015						2014
	Basic			Diluted			Basic			Diluted
Numerator
Income (Loss) from continuing operations	$	8,594		$	8,594		$	(2,237	)	$	(2,237	)
Net (income) loss from continuing operations attributable to non-controlling interests - LP units	(58		)	(58		)	44			44
Net loss attributable to non-controlling interest — partners' share of consolidated real estate ventures	—			—			(12		)	(12		)
Nonforfeitable dividends allocated to unvested restricted shareholders	(101		)	(101		)	(103		)	(103		)
Preferred share dividends	(1,725		)	(1,725		)	(1,725		)	(1,725		)
Income (Loss) from continuing operations available to common shareholders	6,710			6,710			(4,033		)	(4,033		)
Loss from discontinued operations	—			—			(8		)	(8		)
Discontinued operations attributable to common shareholders	—			—			(8		)	(8		)
Net income (loss) attributable to common shareholders	$	6,710		$	6,710		$	(4,041	)	$	(4,041	)
Denominator
Weighted-average shares outstanding	179,562,930			179,562,930			156,794,019			156,794,019
Contingent securities/Share based compensation	—			1,092,342			—			—
Weighted-average shares outstanding	179,562,930			180,655,272			156,794,019			156,794,019
Earnings per Common Share:
Income (loss) from continuing operations attributable to common shareholders	$	0.04		$	0.04		$	(0.03	)	$	(0.03	)
Discontinued operations attributable to common shareholders	—			—			—			—
Net income (loss) attributable to common shareholders	$	0.04		$	0.04		$	(0.03	)	$	(0.03	)

Redeemable common limited partnership units totaling 1,535,102 and 1,763,739 as of March 31, 2015 and 2014, 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 three-month periods ended March 31, 2015 and 2014, 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 March 11, 2015, the Parent Company declared a distribution of $0.15 per common share, totaling $27.3 million, which was paid on April 20, 2015 to shareholders of record as of April 6, 2015. In addition, the Parent Company declared distributions on its Series E Preferred Shares to holders of record as of March 30, 2015. These shares are entitled to a preferential return of 6.90% per annum on the $25.00 per share liquidation preference. Distributions paid on April 15, 2015 to holders of Series E Preferred Shares totaled $1.7 million.

On November 5, 2013, the Parent Company commenced a continuous equity offering program (the “Offering Program”), under which it may sell, in at-the-market offerings, up to an aggregate amount of 16,000,000 common shares until November 5, 2016. The Parent Company may sell common shares in amounts and at times to be determined by the Parent Company. Actual sales will depend on a variety of factors to be determined by the Parent Company, including, among others, market conditions, the trading price of the Company’s common shares and determinations by the Parent Company of the appropriate sources of funding. Sales agents engaged by the Parent Company under the Offering Program are entitled to receive, as compensation and in aggregate, up to 2% of the gross sales price per share sold under the Offering Program. From inception of the Offering Program through March 31, 2015, the Parent Company had not sold any shares under the program, leaving 16,000,000 remaining shares available for sale.