Beneficiaries Equity of the Parent Company

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

BENEFICIARIES' EQUITY OF THE PARENT COMPANY

12. 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 March 31,
	2021				2020
	Basic		Diluted		Basic		Diluted
Numerator
Net income	$	6,964	$	6,964	$	8,087	$	8,087
Net income attributable to noncontrolling interests	(43)		(43)		(65)		(65)
Nonforfeitable dividends allocated to unvested restricted shareholders	(146)		(146)		(131)		(131)
Net income attributable to common shareholders	$	6,775	$	6,775	$	7,891	$	7,891
Denominator
Weighted-average shares outstanding	170,624,741		170,624,741		176,069,968		176,069,968
Contingent securities/Share based compensation	—		1,011,379		—		583,491
Weighted-average shares outstanding	170,624,741		171,636,120		176,069,968		176,653,459
Earnings per Common Share:
Net income attributable to common shareholders	$	0.04	$	0.04	$	0.04	$	0.04

Redeemable common limited partnership units totaling 981,634 at March 31, 2021 and 981,634 at March 31, 2020, 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 months ended March 31, 2021 and 2020, 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 February 24, 2021, the Parent Company declared a distribution of $0.19 per common share, totaling $32.8 million, which was paid on April 21, 2021 to shareholders of record as of April 7, 2021.

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 three months ended March 31, 2021, the Company did not repurchase any common shares. During the three months ended March 31, 2020, the Company repurchased and retired 5,644,200 common shares at an average price of $9.54 per share, totaling $53.9 million.