Partners' Equity Of The Parent Company

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

PARTNERS' EQUITY OF THE PARENT COMPANY

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 September 30,
	2020						2019
	Basic			Diluted			Basic			Diluted
Numerator
Net income	$	276,133		$	276,133		$	6,820		$	6,820
Net (income) loss attributable to noncontrolling interests	2			2			(11		)	(11		)
Nonforfeitable dividends allocated to unvested restricted unitholders	(93		)	(93		)	(93		)	(93		)
Net income attributable to common unitholders	$	276,042		$	276,042		$	6,716		$	6,716
Denominator
Weighted-average units outstanding	171,554,662			171,554,662			177,176,870			177,176,870
Contingent securities/Share based compensation	—			453,464			—			555,356
Total weighted-average units outstanding	171,554,662			172,008,126			177,176,870			177,732,226
Earnings per Common Partnership Unit:
Net income attributable to common unitholders	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	(20		)	(20		)	(58		)	(58		)
Nonforfeitable dividends allocated to unvested restricted unitholders	(317		)	(317		)	(305		)	(305		)
Net income attributable to common unitholders	$	287,903		$	287,903		$	17,292		$	17,292
Denominator
Weighted-average units outstanding	173,362,044			173,362,044			177,048,621			177,048,621
Contingent securities/Share based compensation	—			355,026			—			551,219
Total weighted-average units outstanding	173,362,044			173,717,070			177,048,621			177,599,840
Earnings per Common Partnership Unit:
Net income attributable to common unitholders	$	1.66		$	1.66		$	0.10		$	0.10

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, 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 September 15, 2020 the Operating Partnership declared a distribution of $0.19 per common partnership unit, totaling $32.7 million, which was paid on October 21, 2020 to unitholders of record as of October 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 nine months ended September 30, 2020, the Company retired 6,248,483 common partnership units at an average price of $9.60 per unit, totaling $60.0 million, in connection with an equal number of common share repurchases. 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.