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PARTNERS' EQUITY OF THE PARENT COMPANY | 3 Months Ended
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Mar. 31, 2022
Equity [Abstract] |
PARTNERS' EQUITY OF THE PARENT COMPANY | 12. 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 March 31,
| 2022 |  | 2021
| Basic |  | Diluted |  | Basic |  | Diluted
Numerator |  |  |  |  |  |  |
Net income | $ | 6,101 |  |  | $ | 6,101 |  |  | $ | 6,964 |  |  | $ | 6,964 |
Net loss attributable to noncontrolling interests | 2 |  |  | 2 |  |  | 1 |  |  | 1 |
Nonforfeitable dividends allocated to unvested restricted unitholders | (148) |  |  | (148) |  |  | (146) |  |  | (146) |
Net income attributable to common unitholders | $ | 5,955 |  |  | $ | 5,955 |  |  | $ | 6,819 |  |  | $ | 6,819 |
Denominator |  |  |  |  |  |  |
Weighted-average units outstanding | 171,927,588 |  |  | 171,927,588 |  |  | 171,606,375 |  |  | 171,606,375 |
Contingent securities/Share based compensation | — |  |  | 1,594,045 |  |  | — |  |  | 1,011,379 |
Total weighted-average units outstanding | 171,927,588 |  |  | 173,521,633 |  |  | 171,606,375 |  |  | 172,617,754 |
Earnings per Common Partnership Unit: |  |  |  |  |  |  |
Net income attributable to common unitholders | $ | 0.03 |  |  | $ | 0.03 |  |  | $ | 0.04 |  |  | $ | 0.04 |
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 unit. For the three months ended March 31, 2022 and 2021, 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 February 23, 2022, the Operating Partnership declared a distribution of $0.19 per common partnership unit, totaling $32.8 million, which was paid on April 20, 2022 to unitholders of record as of April 6, 2022. 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 three months ended March 31, 2022 and March 31, 2021, the Company did not repurchase any units.

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- Definition The entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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