Partners Equity of The Operating Partnership

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

PARTNERS' EQUITY OF THE OPERATING PARTNERSHIP

12. PARTNERS' EQUITY OF THE PARENT COMPANY

Earnings per Common Partnership Unit

The following table details 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 March 31,
	2020						2019
	Basic			Diluted			Basic			Diluted
Numerator
Net income	$	8,087		$	8,087		$	4,583		$	4,583
Net income attributable to noncontrolling interests	(12		)	(12		)	(34		)	(34		)
Nonforfeitable dividends allocated to unvested restricted unitholders	(131		)	(131		)	(119		)	(119		)
Net income attributable to common unitholders	$	7,944		$	7,944		$	4,430		$	4,430
Denominator
Weighted-average units outstanding	177,051,602			177,051,602			176,840,229			176,840,229
Contingent securities/Share based compensation	—			583,491			—			606,860
Total weighted-average units outstanding	177,051,602			177,635,093			176,840,229			177,447,089
Earnings per Common Partnership Unit:
Net income attributable to common unitholders	0.04			0.04			0.03			0.02

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 months ended March 31, 2020 and 2019, earnings representing nonforfeitable dividends were allocated to the unvested restricted units issued to the Parent Company's executives and other employees under the Parent Company's shareholder-approved long-term incentive plan.

Common Partnership Units

On February 27, 2020 the Operating Partnership declared a distribution of $0.19 per common partnership unit, totaling $32.7 million, which was paid on April 21, 2020 to unitholders of record as of April 7, 2020.

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 three months ended March 31, 2020, the Company retired 5,644,200 common partnership units at an average price of $9.54 per unit, totaling $53.9 million, in connection with an equal number of common share repurchases. During the three months ended March 31, 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.