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BENEFICIARIES' EQUITY OF THE PARENT COMPANY | 9 Months Ended
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Sep. 30, 2022
Equity [Abstract] |
BENEFICIARIES' EQUITY OF THE PARENT COMPANY | 11. BENEFICIARIES' EQUITY OF THE PARENT COMPANY Earnings per Share (EPS) The following table details 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 Months Ended September 30,
| 2022 |  | 2021
| Basic |  | Diluted |  | Basic |  | Diluted
Numerator |  |  |  |  |  |  |
Net income | $ | 13,478 |  |  | $ | 13,478 |  |  | $ | 974 |  |  | $ | 974 |
Net income attributable to noncontrolling interests | (37) |  |  | (37) |  |  | (7) |  |  | (7) |
Nonforfeitable dividends allocated to unvested restricted shareholders | (105) |  |  | (105) |  |  | (91) |  |  | (91) |
Net income attributable to common shareholders | $ | 13,336 |  |  | $ | 13,336 |  |  | $ | 876 |  |  | $ | 876 |
Denominator |  |  |  |  |  |  |
Weighted-average shares outstanding | 171,569,807 |  |  | 171,569,807 |  |  | 170,907,018 |  |  | 170,907,018 |
Contingent securities/Share based compensation | — |  |  | 582,449 |  |  | — |  |  | 1,330,176 |
Weighted-average shares outstanding | 171,569,807 |  |  | 172,152,256 |  |  | 170,907,018 |  |  | 172,237,194 |
Earnings per Common Share: |  |  |  |  |  |  |
Net income attributable to common shareholders | $ | 0.08 |  |  | $ | 0.08 |  |  | $ | 0.01 |  |  | $ | 0.01 |
| Nine Months Ended September 30,
| 2022 |  | 2021
| Basic |  | Diluted |  | Basic |  | Diluted
Numerator |  |  |  |  |  |  |
Net income | $ | 24,230 |  |  | $ | 24,230 |  |  | $ | 7,763 |  |  | $ | 7,763 |
Net income attributable to noncontrolling interests | (59) |  |  | (59) |  |  | (42) |  |  | (42) |
Nonforfeitable dividends allocated to unvested restricted shareholders | (351) |  |  | (351) |  |  | (331) |  |  | (331) |
Net income attributable to common shareholders | $ | 23,820 |  |  | $ | 23,820 |  |  | $ | 7,390 |  |  | $ | 7,390 |
Denominator |  |  |  |  |  |  |
Weighted-average shares outstanding | 171,464,936 |  |  | 171,464,936 |  |  | 170,794,585 |  |  | 170,794,585 |
Contingent securities/Share based compensation | — |  |  | 970,217 |  |  | — |  |  | 1,283,365 |
Weighted-average shares outstanding | 171,464,936 |  |  | 172,435,153 |  |  | 170,794,585 |  |  | 172,077,950 |
Earnings per Common Share: |  |  |  |  |  |  |
Net income attributable to common shareholders | $ | 0.14 |  |  | $ | 0.14 |  |  | $ | 0.04 |  |  | $ | 0.04 |
Redeemable common limited partnership units totaling 516,467 at September 30, 2022 and 823,983 at September 30, 2021, 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 months ended September 30, 2022 and 2021, 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 13, 2022, the Parent Company declared a distribution of $0.19 per common share, totaling $32.8 million, which was paid on October 20, 2022 to shareholders of record as of October 6, 2022. The Parent Company maintains a common share repurchase program under which the Board of Trustees has authorized the Parent Company to repurchase common shares. On January 3, 2019, the Board of Trustees authorized the repurchase of up to $150.0 million common shares from and after January 3, 2019. During the nine months ended September 30, 2022 and September 30, 2021, the Company did not repurchase any common shares.

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