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Net Income (Loss) Available to Common Unitholders Per Unit of the Operating Partnership
3 Months Ended
Mar. 31, 2014
Earnings Per Unit [Abstract]  
Net Income (Loss) 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 months ended March 31, 2014 and 2013:

 
Three Months Ended March 31,
 
2014
 
2013
 
(in thousands, except unit and
per unit amounts)
Numerator:
 
 
 
Income from continuing operations
$
11,440

 
$
186

Income from continuing operations attributable to noncontrolling interests in consolidated subsidiaries
(65
)
 
(69
)
Preferred distributions
(3,313
)
 
(3,313
)
Allocation to participating securities (1)
(427
)
 
(418
)
Numerator for basic and diluted income (loss) from continuing operations available to common unitholders
7,635

 
(3,614
)
Income from discontinued operations
90,492

 
2,202

Numerator for basic and diluted net income (loss) available to common unitholders
$
98,127

 
$
(1,412
)
Denominator:
 
 
 
Basic weighted average vested units outstanding
83,928,993

 
76,803,743

Effect of dilutive securities
2,015,532

 

Diluted weighted average vested units and common unit equivalents outstanding
85,944,525

 
76,803,743

Basic earnings per unit:
 
 
 
Income (loss) from continuing operations available to common unitholders per unit
$
0.09

 
$
(0.05
)
Income from discontinued operations per common unit
1.08

 
0.03

Net income (loss) available to common unitholders per unit
$
1.17

 
$
(0.02
)
Diluted earnings per unit:
 
 
 
Income (loss) from continuing operations available to common unitholders per unit
$
0.09

 
$
(0.05
)
Income from discontinued operations per common unit
1.05

 
0.03

Net income (loss) available to common unitholders per unit
$
1.14

 
$
(0.02
)

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

The impact of the contingently issuable units, which consist of the 4.25% Exchangeable Notes and 1,520,500 stock options, were considered in our diluted earnings per unit calculation for the three months ended March 31, 2014 because the Operating Partnership reported income from continuing operations attributable to common unitholders in the respective period and the effect was dilutive. The impact of the Exchangeable Notes and stock options was not considered in our diluted earnings per share 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 2014 Performance-Based RSUs and our other nonvested market measure-based RSUs are not included in dilutive securities as of March 31, 2014 because they are not considered contingently issuable shares as not all the necessary performance conditions have been met. The impact of our nonvested market measure-based RSUs were not included in dilutive securities as of March 31, 2013 because they were not considered contingently issuable shares as not all the necessary performance conditions were met.