BENEFICIARIES' EQUITY OF THE PARENT COMPANY

9 Months Ended

Sep. 30, 2022

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,
	2022				2021
	Basic		Diluted		Basic		Diluted
Numerator
Net income	$	13,478	$	13,478	$	974	$	974
Net income attributable to noncontrolling interests	(37)		(37)		(7)		(7)
Nonforfeitable dividends allocated to unvested restricted shareholders	(105)		(105)		(91)		(91)


Net income attributable to common shareholders	$	13,336	$	13,336	$	876	$	876
Denominator
Weighted-average shares outstanding	171,569,807		171,569,807		170,907,018		170,907,018
Contingent securities/Share based compensation	—		582,449		—		1,330,176
Weighted-average shares outstanding	171,569,807		172,152,256		170,907,018		172,237,194
Earnings per Common Share:
Net income attributable to common shareholders	$	0.08	$	0.08	$	0.01	$	0.01


	Nine Months Ended September 30,
	2022				2021
	Basic		Diluted		Basic		Diluted
Numerator
Net income	$	24,230	$	24,230	$	7,763	$	7,763
Net income attributable to noncontrolling interests	(59)		(59)		(42)		(42)
Nonforfeitable dividends allocated to unvested restricted shareholders	(351)		(351)		(331)		(331)


Net income attributable to common shareholders	$	23,820	$	23,820	$	7,390	$	7,390
Denominator
Weighted-average shares outstanding	171,464,936		171,464,936		170,794,585		170,794,585
Contingent securities/Share based compensation	—		970,217		—		1,283,365
Weighted-average shares outstanding	171,464,936		172,435,153		170,794,585		172,077,950
Earnings per Common Share:
Net income attributable to common shareholders	$	0.14	$	0.14	$	0.04	$	0.04

Redeemable common limited partnership units totaling 516,467 at September 30, 2022 and 823,983 at September 30, 2021, 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, 2022 and 2021, 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 13, 2022, the Parent Company declared a distribution of $0.19 per common share, totaling $32.8 million, which was paid on October 20, 2022 to shareholders of record as of October 6, 2022.

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, 2022 and September 30, 2021, the Company did not repurchase any common shares.