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Net Income (Loss) Per Common Unit
9 Months Ended
Sep. 30, 2011
Earnings Per Share [Abstract] 
Net Income (Loss) Per Common Unit
Net Income (Loss) Per Common Unit
Basic net income (loss) per Common Unit is computed by dividing net income (loss) attributable to common unitholders, less distributions on share-based awards expected to vest (referred to as “participating securities” and primarily composed of unvested restricted stock units), by the weighted average number of Common Units outstanding for the period. Diluted net income (loss) per Common Unit is computed by dividing basic net income (loss) attributable to common unitholders by the sum of the weighted average number of Common Units outstanding and any potential dilutive securities for the period.
The following table reconciles the components of basic and diluted net income (loss) per Common Unit for the three and nine months ended September 30, 2011 and 2010, respectively (in thousands):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2011
 
2010
 
2011
 
2010
Net income (loss) attributable to common unitholders
$
(32,944
)
 
$
35,105

 
$
(13,918
)
 
$
(24,211
)
Less: Distributions on participating securities
(811
)
 
(694
)
 
(2,416
)
 
(1,699
)
Basic and diluted net income (loss) attributable to common unitholders
$
(33,755
)
 
$
34,411

 
$
(16,334
)
 
$
(25,910
)
Weighted average number of Common Units outstanding
259,866

 
257,383

 
259,505

 
240,640

Weighted average number of Common Units and potential dilutive securities
259,866

 
257,383

 
259,505

 
240,640

Potential units related to our stock-based compensation plans as well as our 3.75% Exchangeable Senior Notes (“Exchangeable Notes”) are anti-dilutive for all periods presented. The following table summarizes the data that is excluded from the computation of net income (loss) per Common Unit as a result of being anti-dilutive (in thousands):
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2011
 
2010
 
2011
 
2010
Anti-dilutive outstanding potential units under fixed stock option plans
1,677
 
1,779
 
1,677
 
1,779
Anti-dilutive potential units under the Exchangeable Notes
3,432
 
4,045
 
3,432
 
4,045
Outstanding participating securities
4,840
 
4,137
 
4,840
 
4,137