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 June 30,
	2018						2017
	Basic			Diluted			Basic			Diluted
Numerator
Net income	$	13,136		$	13,136		$	7,698		$	7,698
Net income attributable to noncontrolling interests		(130	)		(130	)		(45	)		(45	)
Nonforfeitable dividends allocated to unvested restricted shareholders		(86	)		(86	)		(73	)		(73	)
Preferred share dividends		-			-			(307	)		(307	)
Preferred share redemption charge		-			-			(3,181	)		(3,181	)
Net income attributable to common shareholders	$	12,920		$	12,920		$	4,092		$	4,092
Denominator
Weighted-average shares outstanding		178,547,555			178,547,555			175,333,300			175,333,300
Contingent securities/Share based compensation		-			1,144,781			-			1,423,298
Weighted-average shares outstanding		178,547,555			179,692,336			175,333,300			176,756,598
Earnings per Common Share:
Net income attributable to common shareholders	$	0.07		$	0.07		$	0.02		$	0.02

	Six-month periods ended June 30,
	2018						2017
	Basic			Diluted			Basic			Diluted
Numerator
Net income	$	57,841		$	57,841		$	28,969		$	28,969
Net income attributable to noncontrolling interests		(506	)		(506	)		(214	)		(214	)
Nonforfeitable dividends allocated to unvested restricted shareholders		(200	)		(200	)		(172	)		(172	)
Preferred share dividends		-			-			(2,032	)		(2,032	)
Preferred share redemption charge		-			-			(3,181	)		(3,181	)
Net income attributable to common shareholders	$	57,135		$	57,135		$	23,370		$	23,370
Denominator
Weighted-average shares outstanding		178,471,960			178,471,960			175,255,564			175,255,564
Contingent securities/Share based compensation		-			1,268,730			-			1,224,816
Weighted-average shares outstanding		178,471,960			179,740,690			175,255,564			176,480,380
Earnings per Common Share:
Net income attributable to common shareholders	$	0.32		$	0.32		$	0.13		$	0.13

Redeemable common limited partnership units totaling 1,479,799 at both June 30, 2018 and June 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 six-month periods ended June 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 May 23, 2018, the Parent Company declared a distribution of $0.18 per common share, totaling $32.5 million, which was paid on July 20, 2018 to shareholders of record as of July 6, 2018.

Preferred Shares

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