Beneficiaries Equity of the Parent Company

9 Months Ended

Sep. 30, 2021

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 September 30,
	2021				2020
	Basic		Diluted		Basic		Diluted
Numerator
Net income	$	974	$	974	$	276,133	$	276,133
Net income attributable to noncontrolling interests	(7)		(7)		(1,612)		(1,612)
Nonforfeitable dividends allocated to unvested restricted shareholders	(91)		(91)		(93)		(93)


Net income attributable to common shareholders	$	876	$	876	$	274,428	$	274,428
Denominator
Weighted-average shares outstanding	170,907,018		170,907,018		170,573,028		170,573,028
Contingent securities/Share based compensation	—		1,330,176		—		453,464
Weighted-average shares outstanding	170,907,018		172,237,194		170,573,028		171,026,492
Earnings per Common Share:
Net income attributable to common shareholders	$	0.01	$	0.01	$	1.61	$	1.60


	Nine Months Ended September 30,
	2021				2020
	Basic		Diluted		Basic		Diluted
Numerator
Net income	$	7,763	$	7,763	$	288,240	$	288,240
Net income attributable to noncontrolling interests	(42)		(42)		(1,701)		(1,701)
Nonforfeitable dividends allocated to unvested restricted shareholders	(331)		(331)		(317)		(317)


Net income attributable to common shareholders	$	7,390	$	7,390	$	286,222	$	286,222
Denominator
Weighted-average shares outstanding	170,794,585		170,794,585		172,380,410		172,380,410
Contingent securities/Share based compensation	—		1,283,365		—		355,026
Weighted-average shares outstanding	170,794,585		172,077,950		172,380,410		172,735,436
Earnings per Common Share:
Net income attributable to common shareholders	$	0.04	$	0.04	$	1.66	$	1.66

Redeemable common limited partnership units totaling 823,983 at September 30, 2021 and 981,634 at September 30, 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 and nine months ended September 30, 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 September 14, 2021, the Parent Company declared a distribution of $0.19 per common share, totaling $32.8 million, which was paid on October 20, 2021 to shareholders of record as of October 6, 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 nine months ended September 30, 2021, the Company did not repurchase any common shares. 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, 2021, the Company issued 226,695 common shares of beneficial interest in a private placement to an unaffiliated third party in exchange for a third party's 1% residual ownership interest in One and Two Commerce Square, an unconsolidated joint venture.