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,
	2018						2017
	Basic			Diluted			Basic			Diluted
Numerator
Net income	$	44,705		$	44,705		$	21,271		$	21,271
Net income attributable to noncontrolling interests		(376	)		(376	)		(169	)		(169	)
Nonforfeitable dividends allocated to unvested restricted shareholders		(114	)		(114	)		(99	)		(99	)
Preferred share dividends		-			-			(1,725	)		(1,725	)
Net income attributable to common shareholders	$	44,215		$	44,215		$	19,278		$	19,278
Denominator
Weighted-average shares outstanding		178,395,525			178,395,525			175,176,964			175,176,964
Contingent securities/Share based compensation		-			1,392,786			-			1,024,908
Weighted-average shares outstanding		178,395,525			179,788,311			175,176,964			176,201,872
Earnings per Common Share:
Net income attributable to common shareholders	$	0.25		$	0.25		$	0.11		$	0.11

Redeemable common limited partnership units totaling 1,479,799 at both March 31, 2018 and March 31, 2017, 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, 2018 and 2017, 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 Shares

On February 28, 2018, the Parent Company declared a distribution of $0.18 per common share, totaling $32.5 million, which was paid on April 18, 2018 to shareholders of record as of April 4, 2018.