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 June 30,
	2015						2014
	Basic			Diluted			Basic			Diluted
Numerator
Income from continuing operations	$	3,058		$	3,058		$	1,245		$	1,245
Net (income) loss from continuing operations attributable to non-controlling interests - LP units	(7		)	(7		)	5			5
Net loss attributable to non-controlling interest — partners' share of consolidated real estate ventures	5			5			24			24
Nonforfeitable dividends allocated to unvested restricted shareholders	(76		)	(76		)	(83		)	(83		)
Preferred share dividends	(1,725		)	(1,725		)	(1,725		)	(1,725		)
Income (loss) from continuing operations available to common shareholders	1,255			1,255			(534		)	(534		)
Income from discontinued operations	—			—			929			929
Discontinued operations attributable to non-controlling interests	—			—			(10		)	(10		)
Discontinued operations attributable to common shareholders	—			—			919			919
Net income attributable to common shareholders	$	1,255		$	1,255		$	385		$	385
Denominator
Weighted-average shares outstanding	179,860,284			179,860,284			157,037,348			157,037,348
Contingent securities/Share based compensation	—			678,603			—			—
Weighted-average shares outstanding	179,860,284			180,538,887			157,037,348			157,037,348
Earnings per Common Share:
Income from continuing operations attributable to common shareholders	$	0.01		$	0.01		$	—		$	—
Discontinued operations attributable to common shareholders	—			—			—			—
Net income attributable to common shareholders	$	0.01		$	0.01		$	—		$	—




	Six-month periods ended June 30,
	2015						2014
	Basic			Diluted			Basic			Diluted
Numerator
Income (loss) from continuing operations	$	11,652		$	11,652		$	(992	)	$	(992	)
Net (income) loss from continuing operations attributable to non-controlling interests - LP Units	(65		)	(65		)	49			49
Net loss attributable to non-controlling interest — partners' share of consolidated real estate ventures	5			5			12			12
Nonforfeitable dividends allocated to unvested restricted shareholders	(177		)	(177		)	(186		)	(186		)
Preferred share dividends	(3,450		)	(3,450		)	(3,450		)	(3,450		)
Income (loss) from continuing operations available to common shareholders	7,965			7,965			(4,567		)	(4,567		)
Income from discontinued operations	—			—			921			921
Discontinued operations attributable to non-controlling interests	—			—			(10		)	(10		)
Discontinued operations attributable to common shareholders	—			—			911			911
Net income (loss) attributable to common shareholders	$	7,965		$	7,965		$	(3,656	)	$	(3,656	)
Denominator
Weighted-average shares outstanding	179,712,428			179,712,428			156,916,356			156,916,356
Contingent securities/Share based compensation	—			886,837			—			—
Weighted-average shares outstanding	179,712,428			180,599,265			156,916,356			156,916,356
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	—			—			0.01			0.01
Net income (loss) attributable to common shareholders	$	0.04		$	0.04		$	(0.02	)	$	(0.02	)

Redeemable common limited partnership units totaling 1,535,102 and 1,763,739 as of June 30, 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 and six-month periods ended June 30, 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 May 28, 2015, the Parent Company declared a distribution of $0.15 per common share, totaling $27.3 million, which was paid on July 20, 2015 to shareholders of record as of July 6, 2015. In addition, the Parent Company declared distributions on its Series E Preferred Shares to holders of record as of June 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 July 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 June 30, 2015, the Parent Company had not sold any shares under the program, leaving 16,000,000 remaining shares available for sale.