Beneficiaries Equity of the Parent Company

9 Months Ended

Sep. 30, 2018

Equity [Abstract]

BENEFICIARIES' EQUITY OF THE PARENT COMPANY

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 September 30,
	2018						2017
	Basic			Diluted			Basic			Diluted
Numerator
Net income (loss)	$	(43,262	)	$	(43,262	)	$	19,046		$	19,046
Net (income) loss attributable to noncontrolling interests		339			339			(170	)		(170	)
Nonforfeitable dividends allocated to unvested restricted shareholders		(80	)		(80	)		(73	)		(73	)
Net income (loss) attributable to common shareholders	$	(43,003	)	$	(43,003	)	$	18,803		$	18,803
Denominator
Weighted-average shares outstanding		178,602,622			178,602,622			175,433,657			175,433,657
Contingent securities/Share based compensation		-			-			-			1,401,365
Weighted-average shares outstanding		178,602,622			178,602,622			175,433,657			176,835,022
Earnings (loss) per Common Share:
Net income (loss) attributable to common shareholders	$	(0.24	)	$	(0.24	)	$	0.11		$	0.11

	Nine-month periods ended September 30,
	2018						2017
	Basic			Diluted			Basic			Diluted
Numerator
Net income	$	14,579		$	14,579		$	48,015		$	48,015
Net income attributable to noncontrolling interests		(167	)		(167	)		(384	)		(384	)
Nonforfeitable dividends allocated to unvested restricted shareholders		(280	)		(280	)		(245	)		(245	)
Distribution to preferred shareholders		-			-			(2,032	)		(2,032	)
Preferred share redemption charge		-			-			(3,181	)		(3,181	)
Net income attributable to common shareholders	$	14,132		$	14,132		$	42,173		$	42,173
Denominator
Weighted-average shares outstanding		178,515,993			178,515,993			175,315,581			175,315,581
Contingent securities/Share based compensation		-			1,236,551			-			1,283,751
Weighted-average shares outstanding		178,515,993			179,752,544			175,315,581			176,599,332
Earnings per Common Share:
Net income attributable to common shareholders	$	0.08		$	0.08		$	0.24		$	0.24

Redeemable common limited partnership units totaling 1,479,799 at both September 30, 2018 and September 30, 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- and nine-month periods ended September 30, 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 September 11, 2018, the Parent Company declared a distribution of $0.18 per common share, totaling $32.5 million, which was paid on October 18, 2018 to shareholders of record as of October 4, 2018.

Preferred Shares

Of the 20,000,000 preferred shares authorized, none were outstanding as of September 30, 2018 or September 30, 2017.