PARTNERS' EQUITY OF THE PARENT COMPANY

6 Months Ended

Jun. 30, 2022

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 June 30,
	2022				2021
	Basic		Diluted		Basic		Diluted
Numerator
Net income (loss)	$	4,651	$	4,651	$	(175)	$	(175)
Net loss attributable to noncontrolling interests	2		2		1		1
Nonforfeitable dividends allocated to unvested restricted unitholders	(98)		(98)		(94)		(94)


Net income (loss) attributable to common unitholders	$	4,555	$	4,555	$	(268)	$	(268)
Denominator
Weighted-average units outstanding	172,043,498		172,043,498		171,792,415		171,792,415
Contingent securities/Share based compensation	—		733,398		—		—
Total weighted-average units outstanding	172,043,498		172,776,896		171,792,415		171,792,415
Earnings per Common Partnership Unit:
Net income attributable to common unitholders	$	0.03	$	0.03	$	—	$	—


	Six Months Ended June 30,
	2022				2021
	Basic		Diluted		Basic		Diluted
Numerator
Net income	$	10,752	$	10,752	$	6,789	$	6,789
Net loss attributable to noncontrolling interests	4		4		2		2
Nonforfeitable dividends allocated to unvested restricted unitholders	(246)		(246)		(240)		(240)


Net income attributable to common unitholders	$	10,510	$	10,510	$	6,551	$	6,551
Denominator
Weighted-average units outstanding	171,985,863		171,985,863		171,699,909		171,699,909
Contingent securities/Share based compensation	—		1,163,777		—		1,258,682
Total weighted-average units outstanding	171,985,863		173,149,640		171,699,909		172,958,591
Earnings per Common Partnership Unit:
Net income attributable to common unitholders	$	0.06	$	0.06	$	0.04	$	0.04

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 unit. For the three and six months ended June 30, 2022 and 2021, 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 May 18, 2022, the Operating Partnership declared a distribution of $0.19 per common partnership unit, totaling $32.8 million, which was paid on July 20, 2022 to unitholders of record as of July 6, 2022.

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 six months ended June 30, 2022 and June 30, 2021, the Company did not repurchase any units.