Partners Equity of The Operating Partnership

6 Months Ended

Jun. 30, 2019

Equity [Abstract]

PARTNERS' EQUITY OF THE OPERATING PARTNERSHIP

11. PARTNERS’ EQUITY OF THE OPERATING PARTNERSHIP

Earnings per Common Partnership Unit

The following tables detail 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,
	2019						2018
	Basic			Diluted			Basic			Diluted
Numerator
Net income	$	6,252		$	6,252		$	12,876		$	12,876
Net income attributable to noncontrolling interests		(13	)		(13	)		(21	)		(21	)
Nonforfeitable dividends allocated to unvested restricted unitholders		(93	)		(93	)		(86	)		(86	)
Net income attributable to common unitholders	$	6,146		$	6,146		$	12,769		$	12,769
Denominator
Weighted-average units outstanding		177,125,064			177,125,064			180,027,354			180,027,354
Contingent securities/Share based compensation		-			547,619			-			1,144,781
Total weighted-average units outstanding		177,125,064			177,672,683			180,027,354			181,172,135
Earnings per Common Partnership Unit:
Net income attributable to common unitholders	$	0.03		$	0.03		$	0.07		$	0.07

	Six Months Ended June 30,
	2019						2018
	Basic			Diluted			Basic			Diluted
Numerator
Net income	$	10,835		$	10,835		$	57,321		$	57,321
Net income attributable to noncontrolling interests		(47	)		(47	)		(26	)		(26	)
Nonforfeitable dividends allocated to unvested restricted unitholders		(212	)		(212	)		(200	)		(200	)
Net income attributable to common unitholders	$	10,576		$	10,576		$	57,095		$	57,095
Denominator
Weighted-average units outstanding		176,983,433			176,983,433			179,951,759			179,951,759
Contingent securities/Share based compensation		-			577,069			-			1,268,730
Total weighted-average units outstanding		176,983,433			177,560,502			179,951,759			181,220,489
Earnings per Common Partnership Unit
Net income attributable to common unitholders	$	0.06		$	0.06		$	0.32		$	0.32

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 share. For the three and six months ended June 30, 2019 and 2018, earnings representing nonforfeitable

dividends as noted in the table above were allocated to the unvested restricted units issued to the Parent Company in connection with awards 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 22, 2019, the Operating Partnership declared a distribution of $0.19 per common partnership unit, totaling $33.8 million, which was paid on July 19, 2019 to unitholders of record as of July 5, 2019.

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, 2019, the Company retired 1,337,169 common partnership units at an average price of $12.92 per unit, totaling $17.3 million, in connection with an equal number of share repurchases. There were no share repurchases during the three months ended June 30, 2019.