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Earnings Per Unit (EPU)
 12 Months Ended
Dec. 31, 2013
Earnings Per Share [Abstract]  
Earnings Per Unit (EPU)
11. Earnings Per Unit (EPU)
The computation of basic and diluted EPU is presented below:
 
 
Year Ended
December 31,
2013
 
Year Ended
December 31,
2012
 
Year Ended
December 31,
2011
Numerator:
 
 
 
 
 
Income (Loss) from Continuing Operations
$
6,979

 
$
(22,333
)
 
$
(31,336
)
Gain on Sale of Real Estate, Net of Income Tax Provision
820

 
3,777

 
918

Preferred Unit Distributions
(8,733
)
 
(18,947
)
 
(19,565
)
Redemption of Preferred Units
(5,667
)
 
(1,804
)
 
—

Loss from Continuing Operations Available to Unitholders
$
(6,601
)
 
$
(39,307
)
 
$
(49,983
)
Income from Discontinued Operations
$
33,634

 
$
16,138

 
$
21,456

Income from Discontinued Operations Allocable to Participating Securities
$
(162
)
 
$
—

 
$
—

Income from Discontinued Operations Attributable to Unitholders
$
33,472

 
$
16,138

 
$
21,456

Net Income (Loss) Available
$
27,033

 
$
(23,169
)
 
$
(28,527
)
Net Income Allocable to Participating Securities
(162
)
 
—

 
—

Net Income (Loss) Available to Unitholders
26,871

 
(23,169
)
 
(28,527
)
Denominator:
 
 
 
 
 
Weighted Average Units—Basic and Diluted
111,646

 
96,509

 
85,913

Basic and Diluted EPU:
 
 
 
 
 
Loss from Continuing Operations Available to Unitholders
$
(0.06
)
 
$
(0.41
)
 
$
(0.58
)
Income from Discontinued Operations Attributable to Unitholders
$
0.30

 
$
0.17

 
$
0.25

Net Income (Loss) Available to Unitholders
$
0.24

 
$
(0.24
)
 
$
(0.33
)

Participating securities include Units that correspond to the Company's 488,861, 288,627 and 673,381 of unvested restricted stock awards outstanding at December 31, 2013, 2012 and 2011, respectively, which participate in non-forfeitable distributions of the Operating Partnership. Under the two class method, participating security holders are allocated income, in proportion to total weighted average units outstanding, based upon the greater of net income (after reduction for preferred unit distributions and redemption of preferred units) or common distributions declared. Since participating security holders are not obligated to share in losses and no common distributions were declared during the years ended December 31, 2012 and 2011, there was no allocation of income to participating security holders for the years ended December 31, 2012 and 2011.
The number of weighted average units—diluted is the same as the number of weighted average units—basic for the years ended December 31, 2013, 2012 and 2011, as the effect of LTIP Unit Awards (as defined in Note 15) which do not participate in non-forfeitable dividends of the Company was excluded as its inclusion would have been antidilutive to the loss from continuing operations available to Unitholders. The following awards could be dilutive in future periods:
 
 
Number of
Awards
Outstanding
At December 31,
2013
 
Number of
Awards
Outstanding
At December 31,
2012
 
Number of
Awards
Outstanding
At December 31,
2011
Non-Participating Securities:
 
 
 
 
 
Restricted Unit Awards
73,400

 
483,500

 
731,900

Options
—

 
—

 
25,201

LTIP Unit Awards
718,960

 
—

 
—