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Net (Loss) Income Available to Common Unitholders Per Unit of the Operating Partnership
 9 Months Ended
Sep. 30, 2013
Earnings Per Unit [Abstract]  
Net (Loss) Income Available to Common Unitholders per Unit of the Operating Partnership
Net Income (Loss) 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 (loss) available to common unitholders for the three and nine months ended September 30, 2013 and 2012:

 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2013
 
2012
 
2013
 
2012
 
(in thousands, except unit and
per unit amounts)
Numerator:
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
2,683

 
$
(2,167
)
 
$
10,289

 
$
(4,941
)
Income from continuing operations attributable to
noncontrolling interests in consolidated subsidiaries
(47
)
 
(48
)
 
(178
)
 
(144
)
Preferred distributions
(3,312
)
 
(5,342
)
 
(9,938
)
 
(17,775
)
Allocation to participating securities (1)
(450
)
 
(408
)
 
(1,292
)
 
(1,225
)
Numerator for basic and diluted loss from continuing
operations available to common unitholders
(1,126
)
 
(7,965
)
 
(1,119
)
 
(24,085
)
Income from discontinued operations
6,344

 
4,689

 
11,229

 
88,412

Numerator for basic and diluted net income (loss) available
to common unitholders
$
5,218

 
$
(3,276
)
 
$
10,110

 
$
64,327

Denominator:
 
 
 
 
 
 
 
Basic weighted average vested units outstanding
78,590,396

 
73,680,259

 
77,574,907

 
69,717,834

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

 
—

 
—

 
—

Diluted weighted average vested units and common unit
equivalents outstanding
78,590,396

 
73,680,259

 
77,574,907

 
69,717,834

Basic earnings per unit:
 
 
 
 
 
 
 
Loss from continuing operations available to common
unitholders per unit
$
(0.01
)
 
$
(0.10
)
 
$
(0.01
)
 
$
(0.34
)
Income from discontinued operations per common unit
0.08

 
0.06

 
0.14

 
1.26

Net income (loss) available to common unitholders per unit
$
0.07

 
$
(0.04
)
 
$
0.13

 
$
0.92

Diluted earnings per unit:
 
 
 
 
 
 
 
Loss from continuing operations available to common
unitholders per unit
$
(0.01
)
 
$
(0.10
)
 
$
(0.01
)
 
$
(0.34
)
Income from discontinued operations per common unit
0.08

 
0.06

 
0.14

 
1.26

Net income (loss) available to common unitholders per unit
$
0.07

 
$
(0.04
)
 
$
0.13

 
$
0.92


________________________ 
(1)
Participating securities include nonvested shares, time-based RSUs and vested market-measure RSUs.

The impact of the contingently issuable units, which consist of 159,360 market measure-based RSUs, the 4.25% Exchangeable Notes and 1,525,000 stock options, were not considered in our diluted earnings per unit calculation for the three and nine months ended September 30, 2013 because the Operating Partnership reported a loss from continuing operations attributable to common unitholders in the respective periods and the effect was anti-dilutive. The impact of the contingently issuable units, which consisted of 103,238 market measure-based RSUs, the Exchangeable Notes and 1,540,000 stock options was not considered in our diluted earnings per unit calculation for the three and nine months ended September 30, 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.