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Beneficiaries Equity of the Parent Company
 9 Months Ended
Sep. 30, 2019
Equity [Abstract]  
BENEFICIARIES' EQUITY OF THE PARENT COMPANY 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 September 30,
 
2019
 
2018
 
Basic
 
Diluted
 
Basic
 
Diluted
Numerator
 
 
 
 
 
 
 
Net income (loss)
$
6,820

 
$
6,820

 
$
(43,522
)
 
$
(43,522
)
Net (income) loss attributable to noncontrolling interests
(48
)
 
(48
)
 
342

 
342

Nonforfeitable dividends allocated to unvested restricted shareholders
(93
)
 
(93
)
 
(80
)
 
(80
)
Net income (loss) attributable to common shareholders
$
6,679

 
$
6,679

 
$
(43,260
)
 
$
(43,260
)
Denominator
 
 
 
 
 
 
 
Weighted-average shares outstanding
176,195,244

 
176,195,244

 
178,602,622

 
178,602,622

Contingent securities/Share based compensation
—

 
555,356

 
—

 
—

Weighted-average shares outstanding
176,195,244

 
176,750,600

 
178,602,622

 
178,602,622

Earnings (loss) per Common Share:
 
 
 
 
 
 
 
Net income (loss) attributable to common shareholders
$
0.04

 
$
0.04

 
$
(0.24
)
 
$
(0.24
)
 
Nine Months Ended September 30,
 
2019
 
2018
 
Basic
 
Diluted
 
Basic
 
Diluted
Numerator
 
 
 
 
 
 
 
Net income
$
17,655

 
$
17,655

 
$
13,799

 
$
13,799

Net income attributable to noncontrolling interests
(155
)
 
(155
)
 
(162
)
 
(162
)
Nonforfeitable dividends allocated to unvested restricted shareholders
(305
)
 
(305
)
 
(280
)
 
(280
)
Net income attributable to common shareholders
$
17,195

 
$
17,195

 
$
13,357

 
$
13,357

Denominator
 
 
 
 
 
 
 
Weighted-average shares outstanding
176,066,507

 
176,066,507

 
178,515,993

 
178,515,993

Contingent securities/Share based compensation
—

 
551,219

 
—

 
1,236,551

Weighted-average shares outstanding
176,066,507

 
176,617,726

 
178,515,993

 
179,752,544

Earnings per Common Share:
 
 
 
 
 
 
 
Net income attributable to common shareholders
$
0.10

 
$
0.10

 
$
0.07

 
$
0.07


Redeemable common limited partnership units totaling 981,626 at September 30, 2019 and 1,479,799 at September 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 nine months ended September 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 September 10, 2019, the Parent Company declared a distribution of $0.19 per common share, totaling $33.8 million, which was paid on October 17, 2019 to shareholders of record as of October 3, 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 nine months ended September 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 September 30, 2019.