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,
	2015						2014
	Basic			Diluted			Basic			Diluted
Numerator
Income from continuing operations	$	20,308		$	20,308		$	8,885		$	8,885
Net income from continuing operations attributable to non-controlling interests	(161		)	(161		)	(108		)	(108		)
Nonforfeitable dividends allocated to unvested restricted shareholders	(76		)	(76		)	(82		)	(82		)
Preferred share dividends	(1,725		)	(1,725		)	(1,725		)	(1,725		)
Income from continuing operations available to common shareholders	18,346			18,346			6,970			6,970
Loss from discontinued operations	—			—			(3		)	(3		)
Net income attributable to common shareholders	$	18,346		$	18,346		$	6,967		$	6,967
Denominator
Weighted-average shares outstanding	178,188,037			178,188,037			171,606,722			171,606,722
Contingent securities/Share based compensation	—			588,647			—			1,587,148
Weighted-average shares outstanding	178,188,037			178,776,684			171,606,722			173,193,870
Earnings per Common Share:
Income from continuing operations attributable to common shareholders	$	0.10		$	0.10		$	0.04		$	0.04
Discontinued operations attributable to common shareholders	—			—			—			—
Net income attributable to common shareholders	$	0.10		$	0.10		$	0.04		$	0.04




	Nine-month periods ended September 30,
	2015						2014
	Basic			Diluted			Basic			Diluted
Numerator
Income from continuing operations	$	31,960		$	31,960		$	7,893		$	7,893
Net income from continuing operations attributable to non-controlling interests	(221		)	(221		)	(47		)	(47		)
Nonforfeitable dividends allocated to unvested restricted shareholders	(253		)	(253		)	(268		)	(268		)
Preferred share dividends	(5,175		)	(5,175		)	(5,175		)	(5,175		)
Income from continuing operations available to common shareholders	26,311			26,311			2,403			2,403
Income from discontinued operations	—			—			918			918
Discontinued operations attributable to non-controlling interests	—			—			(10		)	(10		)
Discontinued operations attributable to common shareholders	—			—			908			908
Net income attributable to common shareholders	$	26,311		$	26,311		$	3,311		$	3,311
Denominator
Weighted-average shares outstanding	179,198,714			179,198,714			161,866,955			161,866,955
Contingent securities/Share based compensation	—			789,778			—			1,487,015
Weighted-average shares outstanding	179,198,714			179,988,492			161,866,955			163,353,970
Earnings per Common Share:
Income from continuing operations attributable to common shareholders	$	0.15		$	0.15		$	0.01		$	0.01
Discontinued operations attributable to common shareholders	—			—			0.01			0.01
Net income attributable to common shareholders	$	0.15		$	0.15		$	0.02		$	0.02

Redeemable common limited partnership units totaling 1,535,102 and 1,721,905 as of September 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 nine-month periods ended September 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 September 15, 2015, the Parent Company declared a distribution of $0.15 per common share, totaling $26.6 million, payable on October 19, 2015 to shareholders of record as of October 5, 2015. In addition, the Parent Company declared distributions on its Series E Preferred Shares to holders of record as of September 30, 2015. These shares are entitled to a preferential return of 6.90% per annum on the $25.00 per share liquidation preference. Distributions to be paid on October 15, 2015 to holders of Series E Preferred Shares will total $1.7 million.

On July 22, 2015, the Company's Board of Trustees authorized share repurchases of up to $100.0 million of its common shares with no expiration date. Prior to the authorization 539,200 common shares were available for repurchase under the preexisting share repurchase program. The Company expects to fund the share repurchases with a combination of available cash balances and availability under its line of credit. As of September 30, 2015, 4,701,302 common shares have been repurchased and retired by the Company at an average purchase price of $12.92 per share and totaling $60.8 million. The timing and amounts of any purchases will depend on a variety of factors, including market conditions, regulatory requirements, share prices, capital availability and other factors as determined by the Company's management team. The repurchase program does not require the purchase of any minimum number of shares and may be suspended or discontinued at any time without notice.

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 September 30, 2015, the Parent Company had not sold any shares under the program, leaving 16,000,000 remaining shares available for sale.