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BENEFICIARIES' EQUITY OF THE PARENT COMPANY
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
BENEFICIARIES' EQUITY OF THE PARENT COMPANY
13. 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):
Year Ended December 31,
202220212020
BasicDilutedBasicDilutedBasicDiluted
Numerator
Net income$53,992 $53,992 $12,366 $12,366 $307,326 $307,326 
Net income attributable to noncontrolling interests(168)(168)(77)(77)(1,799)(1,799)
Nonforfeitable dividends allocated to unvested restricted shareholders(456)(456)(421)(421)(410)(410)
Net income attributable to common shareholders$53,368 $53,368 $11,868 $11,868 $305,117 $305,117 
Denominator
Weighted-average shares outstanding171,491,369 171,491,369 170,878,185 170,878,185 171,926,079 171,926,079 
Contingent securities/Share based compensation— 834,277 — 1,395,055 — 390,997 
Weighted-average shares outstanding171,491,369 172,325,646 170,878,185 172,273,240 171,926,079 172,317,076 
Earnings per Common Share:
Net income attributable to common shareholders$0.31 $0.31 $0.07 $0.07 $1.77 $1.77 
The contingent securities/share based compensation impact is calculated using the treasury stock method and relates to employee awards settled in shares of the Parent Company. The effect of these securities is anti-dilutive for periods that the Parent Company incurs a net loss from continuing operations available to common shareholders and therefore is excluded from the dilutive earnings per share calculation in such periods.
Redeemable common limited partnership units totaling 516,467 at December 31, 2022, 823,983 at December 31, 2021 and 981,634 at December 31, 2020, respectively, 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 years ended December 31, 2022, 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 and Preferred Shares
On December 6, 2022, the Parent Company declared a distribution of $0.19 per common share, totaling $32.8 million, which was paid on January 19, 2023 to shareholders of record as of January 5, 2023.
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 years ended December 31, 2021 and 2022, no common shares were repurchased by the Company.
During the year ended December 31, 2021, the Company issued 226,695 common shares in a private placement to an unaffiliated third party in exchange for the third party's 1% residual ownership interest in One and Two Commerce Square, an unconsolidated joint venture.
Of the 20,000,000 preferred shares authorized, none were outstanding as of December 31, 2022 or December 31, 2021.
Common Share Repurchases
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 year ended December 31, 2022 and 2021, the Company did not repurchase any common shares. During the year ended December 31, 2020, the Company repurchased and retired 6,248,483 common shares at an average price of $9.60 per share, totaling $60.0 million.
Former Continuous Offering Program
On January 10, 2017, the Parent Company entered into a continuous offering program (the “Offering Program”), that permitted the Parent Company to sell up to an aggregate of 16,000,000 common shares in at-the-market offerings.
There was no activity under the Offering Program during 2021 and 2020. At December 31, 2022, no common shares remained available for issuance under the Offering Program, which terminated on January 10, 2020.