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Net Income (Loss) Available to Common Unitholders Per Unit of the Operating Partnership
 3 Months Ended
Mar. 31, 2012
Earnings Per Unit [Abstract]  
Net Income Available to Common Unitholders per Unit of the Operating Partnership
Net Income Available to Common Unitholders Per Unit of the Operating Partnership
The following table reconciles the numerator and denominator in computing the Operating Partnership's basic and diluted per-unit computations for net income available to common unitholders for the three months ended March 31, 2012 and 2011:
 
Three Months Ended March 31,
 
 
2012
 
2011
 
 
(in thousands, except unit and
per unit amounts)
 
Numerator:
 
 
 
 
Income from continuing operations
$
4,962

 
$
1,844

 
Income from continuing operations attributable to noncontrolling interests in consolidated subsidiaries
(53
)
 
(34
)
 
Preferred distributions
(9,336
)
 
(3,799
)
 
Allocation to participating securities (nonvested units and time-based RSUs)
(380
)
 
(322
)
 
Numerator for basic and diluted loss from continuing operations available to common unitholders
(4,807
)
 
(2,311
)
 
Income from discontinued operations
73,709

 
3,023

 
Numerator for basic and diluted net income available to common unitholders
$
68,902

 
$
712

 
Denominator:
 
 
 
 
Basic weighted average vested units outstanding
65,366,835

 
54,025,206

 
Effect of dilutive securities - contingently issuable shares and stock options (1)
—

 
—

 
Diluted weighted average vested units and common unit equivalents outstanding
65,366,835

 
54,025,206

 
Basic earnings per unit:
 
 
 
 
Loss from continuing operations available to common unitholders per unit
$
(0.07
)
 
$
(0.04
)
 
Income from discontinued operations per common unit
1.12

 
0.05

 
Net income available to common unitholders per unit
$
1.05

 
$
0.01

 
Diluted earnings per unit:
 
 
 
 
Loss from continuing operations available to common unitholders per unit
$
(0.07
)
 
$
(0.04
)
 
Income from discontinued operations per common unit
1.12

 
0.05

 
Net income available to common unitholders per unit
$
1.05

 
$
0.01

 
______________________
(1)
Dilutive securities were not included in the current period presentation of the 2011 weighted average units outstanding because the Operating Partnership reported a net loss from continuing operations attributable to common unitholders for the three months ended March 31, 2011 resulting from the reclassification of the revenues and expenses of operating properties that were sold during 2011 and 2012.
The impact of the 1,550,000 stock options and contingently issuable units, which consist of the 103,238 market measure-based RSUs and the Exchangeable Notes, was not considered in our diluted earnings per unit calculation for the three months ended March 31, 2012 since the Operating Partnership reported a loss from continuing operations attributable to common unitholders in the respective period and the effect was anti-dilutive. The impact of stock options and the Exchangeable Notes were not considered in our diluted earnings per unit calculation for the three months ended March 31, 2011 since the Operating Partnership reported a loss from continuing operations attributable to common unitholders and the effect was anti-dilutive. See Note 5 for additional information regarding the Exchangeable Notes and Note 10 for additional information regarding the outstanding stock options and market measure-based RSUs.