PARTNERS' EQUITY OF THE PARENT COMPANY

6 Months Ended

Jun. 30, 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 June 30,
	2023				2022
	Basic		Diluted		Basic		Diluted
Numerator
Net income (loss)	$	(12,737)	$	(12,737)	$	4,651	$	4,651
Net loss attributable to noncontrolling interests	—		—		2		2
Nonforfeitable dividends allocated to unvested restricted unitholders	(204)		(204)		(98)		(98)


Net income (loss) attributable to common unitholders	$	(12,941)	$	(12,941)	$	4,555	$	4,555
Denominator
Weighted-average units outstanding	172,478,629		172,478,629		172,043,498		172,043,498
Contingent securities/Share based compensation	—		—		—		733,398
Total weighted-average units outstanding	172,478,629		172,478,629		172,043,498		172,776,896
Earnings (loss) per Common Partnership Unit:
Net income (loss) attributable to common unitholders	$	(0.08)	$	(0.08)	$	0.03	$	0.03


	Six Months Ended June 30,
	2023				2022
	Basic		Diluted		Basic		Diluted
Numerator
Net income (loss)	$	(18,013)	$	(18,013)	$	10,752	$	10,752
Net loss attributable to noncontrolling interests	1		1		4		4
Nonforfeitable dividends allocated to unvested restricted unitholders	(274)		(274)		(246)		(246)


Net income (loss) attributable to common unitholders	$	(18,286)	$	(18,286)	$	10,510	$	10,510
Denominator
Weighted-average units outstanding	172,334,930		172,334,930		171,985,863		171,985,863
Contingent securities/Share based compensation	—		—		—		1,163,777
Total weighted-average units outstanding	172,334,930		172,334,930		171,985,863		173,149,640
Earnings (loss) per Common Partnership Unit:
Net income (loss) attributable to common unitholders	$	(0.11)	$	(0.11)	$	0.06	$	0.06

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, 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 May 25, 2023, the Operating Partnership declared a distribution of $0.19 per common partnership unit, totaling $32.9 million, which was paid on July 20, 2023 to unitholders of record as of July 6, 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 six months ended June 30, 2023 and June 30, 2022, the Company did not repurchase any units.