PARTNERS' EQUITY OF THE PARENT COMPANY

3 Months Ended

Mar. 31, 2023

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 March 31,
	2023				2022
	Basic		Diluted		Basic		Diluted
Numerator
Net income (loss)	$	(5,276)	$	(5,276)	$	6,101	$	6,101
Net loss attributable to noncontrolling interests	1		1		2		2
Nonforfeitable dividends allocated to unvested restricted unitholders	(70)		(70)		(148)		(148)


Net income (loss) attributable to common unitholders	$	(5,345)	$	(5,345)	$	5,955	$	5,955
Denominator
Weighted-average units outstanding	172,189,634		172,189,634		171,927,588		171,927,588
Contingent securities/Share based compensation	—		—		—		1,594,045
Total weighted-average units outstanding	172,189,634		172,189,634		171,927,588		173,521,633
Earnings (loss) per Common Partnership Unit:
Net income (loss) attributable to common unitholders	$	(0.03)	$	(0.03)	$	0.03	$	0.03

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 months ended March 31, 2023 and 2022, 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 February 16, 2023, the Operating Partnership declared a distribution of $0.19 per common partnership unit, totaling $32.8 million, which was paid on April 19, 2023 to unitholders of record as of April 5, 2023.

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 three months ended March 31, 2023 and March 31, 2022, the Company did not repurchase any units.