XML 39 R22.htm IDEA: XBRL DOCUMENT v3.19.3
Partners Equity of The Operating Partnership
 9 Months Ended
Sep. 30, 2019
Equity [Abstract]  
PARTNERS' EQUITY OF THE OPERATING PARTNERSHIP PARTNERS’ EQUITY OF THE OPERATING PARTNERSHIP
Earnings per Common Partnership Unit
The following tables detail the number of units and net income used to calculate basic and diluted earnings per common partnership unit (in thousands, except unit and per unit 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 attributable to noncontrolling interests
(11
)
 
(11
)
 
(20
)
 
(20
)
Nonforfeitable dividends allocated to unvested restricted unitholders
(93
)
 
(93
)
 
(80
)
 
(80
)
Net income (loss) attributable to common unitholders
$
6,716

 
$
6,716

 
$
(43,622
)
 
$
(43,622
)
Denominator
 
 
 
 
 
 
 
Weighted-average units outstanding
177,176,870

 
177,176,870

 
180,082,421

 
180,082,421

Contingent securities/Share based compensation
—

 
555,356

 
—

 
—

Total weighted-average units outstanding
177,176,870

 
177,732,226

 
180,082,421

 
180,082,421

Earnings (loss) per Common Partnership Unit:
 
 
 
 
 
 
 
Net income (loss) attributable to common unitholders
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
(58
)
 
(58
)
 
(46
)
 
(46
)
Nonforfeitable dividends allocated to unvested restricted unitholders
(305
)
 
(305
)
 
(280
)
 
(280
)
Net income attributable to common unitholders
$
17,292

 
$
17,292

 
$
13,473

 
$
13,473

Denominator
 
 
 
 
 
 
 
Weighted-average units outstanding
177,048,621

 
177,048,621

 
179,995,792

 
179,995,792

Contingent securities/Share based compensation
—

 
551,219

 
—

 
1,236,551

Total weighted-average units outstanding
177,048,621

 
177,599,840

 
179,995,792

 
181,232,343

Earnings per Common Partnership Unit
 
 
 
 
 
 
 
Net income attributable to common unitholders
$
0.10

 
$
0.10

 
$
0.07

 
$
0.07


Unvested restricted units 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 units issued to the Parent Company in connection with awards to the Parent Company’s executives and other employees under the Parent Company's shareholder-approved long-term incentive plan.
Common Partnership Units
On September 10, 2019, the Operating Partnership declared a distribution of $0.19 per common partnership unit, totaling $33.8 million, which was paid on October 17, 2019 to unitholders of record as of October 3, 2019.
In connection with the Parent Company’s common share repurchase program, one common unit of the Operating Partnership is retired for each common share repurchased. During the nine months ended September 30, 2019, the Company retired 1,337,169 common partnership units at an average price of $12.92 per unit, totaling $17.3 million, in connection with an equal number of share repurchases. There were no share repurchases during the three months ended September 30, 2019.