Net (Loss) 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, 2013 and 2012:



	Three Months Ended March 31,
	2013			2012
	(in thousands, except unit and per unit amounts)
Numerator:
Income from continuing operations	$	2,388		$	2,165
Income from continuing operations attributable to noncontrolling interests in consolidated subsidiaries	(69		)	(53		)
Preferred distributions	(3,313		)	(9,336		)
Allocation to participating securities (nonvested units and time-based RSUs)	(418		)	(380		)
Numerator for basic and diluted loss from continuing operations available to common unitholders	(1,412		)	(7,604		)
Income from discontinued operations	—			76,506
Numerator for basic and diluted net (loss) income available to common unitholders	$	(1,412	)	$	68,902
Denominator:
Basic weighted average vested units outstanding	76,803,743			65,366,835
Effect of dilutive securities - contingently issuable shares and stock options	—			—
Diluted weighted average vested units and common unit equivalents outstanding	76,803,743			65,366,835
Basic earnings per unit:
Loss from continuing operations available to common unitholders per unit	$	(0.02	)	$	(0.12	)
Income from discontinued operations per common unit	0.00			1.17
Net (loss) income available to common unitholders per unit	$	(0.02	)	$	1.05
Diluted earnings per unit:
Loss from continuing operations available to common unitholders per unit	$	(0.02	)	$	(0.12	)
Income from discontinued operations per common unit	0.00			1.17
Net (loss) income available to common unitholders per unit	$	(0.02	)	$	1.05

The impact of the contingently issuable units, which consist of 88,491 market measure-based RSUs, the 4.25% Exchangeable Notes and 1,528,000 stock options, were not considered in our diluted earnings per unit calculation for the three months ended March 31, 2013 because the Operating Partnership reported a loss from continuing operations attributable to common unitholders and the effect was anti-dilutive. The impact of the contingently issuable shares, which consisted of 103,239 market measure-based RSUs, the Exchangeable Notes and 1,550,000 stock options was not considered in our diluted earnings per unit calculation for the three months ended March 31, 2012 because 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 9 for additional information regarding the outstanding market measure-based RSUs and stock options.