Beneficiaries Equity of the Parent Company

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

BENEFICIARIES' EQUITY OF THE PARENT COMPANY

11. BENEFICIARIES' EQUITY OF THE PARENT COMPANY

Earnings per Share (EPS)

The following table details 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,
	2020						2019
	Basic			Diluted			Basic			Diluted
Numerator
Net income	$	276,133		$	276,133		$	6,820		$	6,820
Net income attributable to noncontrolling interests	(1,612		)	(1,612		)	(48		)	(48		)
Nonforfeitable dividends allocated to unvested restricted shareholders	(93		)	(93		)	(93		)	(93		)
Net income attributable to common shareholders	$	274,428		$	274,428		$	6,679		$	6,679
Denominator
Weighted-average shares outstanding	170,573,028			170,573,028			176,195,244			176,195,244
Contingent securities/Share based compensation	—			453,464			—			555,356
Weighted-average shares outstanding	170,573,028			171,026,492			176,195,244			176,750,600
Earnings per Common Share:
Net income attributable to common shareholders	$	1.61		$	1.60		$	0.04		$	0.04

	Nine Months Ended September 30,
	2020						2019
	Basic			Diluted			Basic			Diluted
Numerator
Net income	$	288,240		$	288,240		$	17,655		$	17,655
Net income attributable to noncontrolling interests	(1,701		)	(1,701		)	(155		)	(155		)
Nonforfeitable dividends allocated to unvested restricted shareholders	(317		)	(317		)	(305		)	(305		)
Net income attributable to common shareholders	$	286,222		$	286,222		$	17,195		$	17,195
Denominator
Weighted-average shares outstanding	172,380,410			172,380,410			176,066,507			176,066,507
Contingent securities/Share based compensation	—			355,026			—			551,219
Weighted-average shares outstanding	172,380,410			172,735,436			176,066,507			176,617,726
Earnings per Common Share:
Net income attributable to common shareholders	$	1.66		$	1.66		$	0.10		$	0.10

Redeemable common limited partnership units totaling 981,634 at September 30, 2020 and 981,626 at September 30, 2019, 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, 2020 and 2019, 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 15, 2020 the Parent Company declared a distribution of $0.19 per common share, totaling $32.7 million, which was paid on October 21, 2020 to shareholders of record as of October 7, 2020.

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, 2020, the Company repurchased and retired 6,248,483 common shares at an average price of $9.60 per share, totaling $60.0 million. 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.