Partners' Equity Of The Parent Company

9 Months Ended

Sep. 30, 2021

13. PARTNERS' EQUITY OF THE PARENT COMPANY

Earnings per Common Partnership Unit

The following table details 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 September 30,
	2021				2020
	Basic		Diluted		Basic		Diluted
Numerator
Net income	$	974	$	974	$	276,133	$	276,133
Net loss attributable to noncontrolling interests	2		2		2		2
Nonforfeitable dividends allocated to unvested restricted unitholders	(91)		(91)		(93)		(93)


Net income attributable to common unitholders	$	885	$	885	$	276,042	$	276,042
Denominator
Weighted-average units outstanding	171,731,001		171,731,001		171,554,662		171,554,662
Contingent securities/Share based compensation	—		1,330,176		—		453,464
Total weighted-average units outstanding	171,731,001		173,061,177		171,554,662		172,008,126
Earnings per Common Partnership Unit:
Net income attributable to common unitholders	$	0.01	$	0.01	$	1.61	$	1.60


	Nine Months Ended September 30,
	2021				2020
	Basic		Diluted		Basic		Diluted
Numerator
Net income	$	7,763	$	7,763	$	288,240	$	288,240
Net (income) loss attributable to noncontrolling interests	4		4		(20)		(20)
Nonforfeitable dividends allocated to unvested restricted unitholders	(331)		(331)		(317)		(317)


Net income attributable to common unitholders	$	7,436	$	7,436	$	287,903	$	287,903
Denominator
Weighted-average units outstanding	171,710,387		171,710,387		173,362,044		173,362,044
Contingent securities/Share based compensation	—		1,283,365		—		355,026
Total weighted-average units outstanding	171,710,387		172,993,752		173,362,044		173,717,070
Earnings per Common Partnership Unit:
Net income attributable to common unitholders	$	0.04	$	0.04	$	1.66	$	1.66

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 nine months ended September 30, 2021 and 2020, earnings representing nonforfeitable dividends were allocated to the unvested restricted units issued to the Parent Company's executives and other employees under the Parent Company's shareholder-approved long-term incentive plan.

Common Partnership Units

On September 14, 2021, the Operating Partnership declared a distribution of $0.19 per common partnership unit, totaling $32.8 million, which was paid on October 20, 2021 to unitholders of record as of October 6, 2021.

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 nine months ended September 30, 2021, the Company did not repurchase any units. During the nine months ended September 30, 2020, the Company retired 6,248,483 common partnership units at an average price of $9.60 per unit, totaling $60.0 million, in connection with an equal number of share repurchases.

During the nine months ended September 30, 2021, the Operating Partnership issued 226,695 common partnership units to the Parent Company in connection with the Company's acquisition of a third party's 1% residual interest in One and Two Commerce Square, as described in Note 12, ''Beneficiaries' Equity of the Parent Company."