PARTNERS' EQUITY OF THE PARENT COMPANY

9 Months Ended

Sep. 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 September 30,
	2022				2021
	Basic		Diluted		Basic		Diluted
Numerator
Net income	$	13,478	$	13,478	$	974	$	974
Net loss attributable to noncontrolling interests	1		1		2		2
Nonforfeitable dividends allocated to unvested restricted unitholders	(105)		(105)		(91)		(91)


Net income attributable to common unitholders	$	13,374	$	13,374	$	885	$	885
Denominator
Weighted-average units outstanding	172,086,274		172,086,274		171,731,001		171,731,001
Contingent securities/Share based compensation	—		582,449		—		1,330,176
Total weighted-average units outstanding	172,086,274		172,668,723		171,731,001		173,061,177
Earnings per Common Partnership Unit:
Net income attributable to common unitholders	$	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 loss attributable to noncontrolling interests	5		5		4		4
Nonforfeitable dividends allocated to unvested restricted unitholders	(351)		(351)		(331)		(331)


Net income attributable to common unitholders	$	23,884	$	23,884	$	7,436	$	7,436
Denominator
Weighted-average units outstanding	172,019,701		172,019,701		171,710,387		171,710,387
Contingent securities/Share based compensation	—		970,217		—		1,283,365
Total weighted-average units outstanding	172,019,701		172,989,918		171,710,387		172,993,752
Earnings per Common Partnership Unit:
Net income attributable to common unitholders	$	0.14	$	0.14	$	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 nine months ended September 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 September 13, 2022, the Operating Partnership declared a distribution of $0.19 per common partnership unit, totaling $32.8 million, which was paid on October 20, 2022 to unitholders of record as of October 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 nine months ended September 30, 2022 and September 30, 2021, the Company did not repurchase any units.