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Net Income Available to Common Unitholders Per Unit of the Operating Partnership
 9 Months Ended
Sep. 30, 2014
Earnings Per Unit [Abstract]  
Net Income (Loss) 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 and nine months ended September 30, 2014 and 2013:

 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2014
 
2013
 
2014
 
2013
 
(in thousands, except unit and per unit amounts)
Numerator:
 
 
 
 
 
 
 
Income from continuing operations
$
13,168

 
$
3,179

 
$
39,896

 
$
9,896

Income from continuing operations attributable to noncontrolling interests in consolidated subsidiaries
(59
)
 
(47
)
 
(201
)
 
(178
)
Preferred distributions
(3,313
)
 
(3,312
)
 
(9,938
)
 
(9,938
)
Allocation to participating securities (1)
(432
)
 
(450
)
 
(1,285
)
 
(1,292
)
Numerator for basic and diluted income from continuing operations available to common unitholders
9,364

 
(630
)
 
28,472

 
(1,512
)
Income from discontinued operations
6,135

 
5,848

 
112,482

 
11,622

Numerator for basic and diluted net income available to common unitholders
$
15,499

 
$
5,218

 
$
140,954

 
$
10,110

Denominator:
 
 
 
 
 
 
 
Basic weighted average vested units outstanding
84,965,523

 
78,590,396

 
84,329,317

 
77,574,907

Effect of dilutive securities
1,949,133

 
—

 
2,097,589

 
—

Diluted weighted average vested units and common unit equivalents outstanding
86,914,656

 
78,590,396

 
86,426,906

 
77,574,907

Basic earnings per unit:
 
 
 
 
 
 
 
Income (loss) from continuing operations available to common unitholders per unit
$
0.11

 
$
0.00

 
$
0.34

 
$
(0.02
)
Income from discontinued operations per common unit
0.07

 
0.07

 
1.33

 
0.15

Net income available to common unitholders per unit
$
0.18

 
$
0.07

 
$
1.67

 
$
0.13

Diluted earnings per unit:
 
 
 
 
 
 
 
Income (loss) from continuing operations available to common unitholders per unit
$
0.11

 
$
0.00

 
$
0.33

 
$
(0.02
)
Income from discontinued operations per common unit
0.07

 
0.07

 
1.30

 
0.15

Net income available to common unitholders per unit
$
0.18

 
$
0.07

 
$
1.63

 
$
0.13


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

The impact of the contingently issuable units, which consist of the 4.25% Exchangeable Notes and stock options, were considered in our diluted earnings per unit calculation for the three and nine months ended September 30, 2014 because the Operating Partnership reported income from continuing operations attributable to common unitholders in the respective periods and the effect was dilutive. The impact of the contingently issuable shares 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 available to common unitholders in the respective periods 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 September 30, 2014 because they are not included until 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 September 30, 2013 because they were not considered contingently issuable shares as not all the necessary performance conditions were met.