PARTNERS' EQUITY OF THE PARENT COMPANY

9 Months Ended

Sep. 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 September 30,
	2023				2022
	Basic		Diluted		Basic		Diluted
Numerator
Net income (loss)	$	(21,636)	$	(21,636)	$	13,478	$	13,478
Net loss attributable to noncontrolling interests	20		20		1		1
Nonforfeitable dividends allocated to unvested restricted unitholders	(159)		(159)		(105)		(105)


Net income (loss) attributable to common unitholders	$	(21,775)	$	(21,775)	$	13,374	$	13,374
Denominator
Weighted-average units outstanding	172,614,128		172,614,128		172,086,274		172,086,274
Contingent securities/Share based compensation	—		—		—		582,449
Total weighted-average units outstanding	172,614,128		172,614,128		172,086,274		172,668,723
Earnings (loss) per Common Partnership Unit:
Net income (loss) attributable to common unitholders	$	(0.13)	$	(0.13)	$	0.08	$	0.08


	Nine Months Ended September 30,
	2023				2022
	Basic		Diluted		Basic		Diluted
Numerator
Net income (loss)	$	(39,649)	$	(39,649)	$	24,230	$	24,230
Net loss attributable to noncontrolling interests	21		21		5		5
Nonforfeitable dividends allocated to unvested restricted unitholders	(433)		(433)		(351)		(351)


Net income (loss) attributable to common unitholders	$	(40,061)	$	(40,061)	$	23,884	$	23,884
Denominator
Weighted-average units outstanding	172,429,019		172,429,019		172,019,701		172,019,701
Contingent securities/Share based compensation	—		—		—		970,217
Total weighted-average units outstanding	172,429,019		172,429,019		172,019,701		172,989,918
Earnings (loss) per Common Partnership Unit:
Net income (loss) attributable to common unitholders	$	(0.23)	$	(0.23)	$	0.14	$	0.14

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, 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 September 20, 2023, the Operating Partnership declared a distribution of $0.15 per common partnership unit, totaling $26.0 million, which was paid on October 18, 2023 to unitholders of record as of October 4, 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 nine months ended September 30, 2023 and September 30, 2022, the Company did not repurchase any units.