10. BENEFICIARIES’ EQUITY OF THE PARENT COMPANY

Earnings per Share (EPS)

The following tables detail 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):

	Three-month periods ended March 31,
	2017						2016
	Basic			Diluted			Basic			Diluted
Numerator
Income from continuing operations	$	21,271		$	21,271		$	46,310		$	46,310
Net income from continuing operations attributable to non-controlling interests		(169	)		(169	)		(389	)		(389	)
Nonforfeitable dividends allocated to unvested restricted shareholders		(99	)		(99	)		(105	)		(105	)
Preferred share dividends		(1,725	)		(1,725	)		(1,725	)		(1,725	)
Net income attributable to common shareholders	$	19,278		$	19,278		$	44,091		$	44,091
Denominator
Weighted-average shares outstanding		175,176,964			175,176,964			174,788,945			174,788,945
Contingent securities/Share based compensation		-			1,024,908			-			682,468
Weighted-average shares outstanding		175,176,964			176,201,872			174,788,945			175,471,413
Earnings per Common Share:
Net income attributable to common shareholders	$	0.11		$	0.11		$	0.25		$	0.25

Redeemable common limited partnership units totaling 1,479,799 and 1,535,102 in March 31, 2017 and March 31, 2016, 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 three-month periods ended March 31, 2017 and 2016, 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 March 1, 2017, the Parent Company declared a distribution of $0.16 per common share, totaling $28.3 million, which was paid on April 19, 2017 to shareholders of record as of April 5, 2017. In addition, the Parent Company declared distributions on its 6.90% Series E Cumulative Redeemable Preferred Shares (NYSE: BDN-PE) (the “Series E Preferred Shares”) to holders of record as of March 30, 2017. These shares are entitled to a preferential return of 6.90% per annum on the $25.00 per share liquidation preference. Distributions paid on April 17, 2017 to holders of Series E Preferred Shares totaled $1.7 million.

On March 10, 2017, the Parent Company announced its intention to redeem all of its outstanding 4,000,000 Series E Preferred Shares on April 11, 2017. The Series E Preferred Shares were redeemed in full on April 11, 2017 at a redemption price of $25.00 per share with cash from existing cash balances on hand. See Note 15, “Subsequent Events.”