Net Loss Per Share/Unit

12 Months Ended

Dec. 31, 2015

The General Partner’s unvested Restricted Shares contain non-forfeitable rights to dividends and are considered to be participating securities in accordance with U.S. GAAP and, therefore, are included in the computation of earnings per share under the two-class computation method. Under the two-class computation method, net losses are not allocated to participating securities unless the holder of the security has a contractual obligation to share in the losses. The unvested Restricted Shares are not allocated losses as the awards do not have a contractual obligation to share in losses of the General Partner. The two-class computation method is an earnings allocation formula that determines earnings per share for each class of shares of Common Stock and participating securities according to dividends declared (or accumulated) and participation rights in undistributed earnings.

Net Loss Per Share

The following is a summary of the basic and diluted net loss per share computation for the General Partner for the years ended December 31, 2015, 2014 and 2013 (dollar amounts in thousands, except for share and per share data):



	Year Ended December 31,
	2015			2014			2013
Net loss attributable to the General Partner	$	(316,353	)	$	(977,185	)	$	(491,499	)
Less: dividends to preferred shares and participating securities	72,302			104,057			3,631
Net loss attributable to common stockholders	$	(388,655	)	$	(1,081,242	)	$	(495,130	)

Weighted average number of common stock outstanding - basic and diluted	903,360,763			793,150,098			205,341,431

Basic and diluted net loss per share from continuing operations attributable to common stockholders	$	(0.43	)	$	(1.36	)	$	(2.41	)

As of December 31, 2015, approximately 23.8 million OP Units were outstanding, which are convertible into an equal number of shares of Common Stock, and approximately 3.3 million of unvested Restricted Shares and unvested Restricted Stock Units were excluded from the calculation of diluted net loss per share as the effect would have been antidilutive.

Net Loss Per Unit

The following is a summary of the basic and diluted net loss per unit computation for the OP for the years ended December 31, 2015, 2014 and 2013 (dollar amounts in thousands, except for unit and per unit data):



	Year Ended December 31,
	2015			2014			2013
Net loss attributable to the Operating Partnership	$	(324,766	)	$	(1,010,758	)	$	(507,815	)
Less: dividends to preferred units and participating securities	72,302			104,057			3,631
Net loss attributable to common unitholders	$	(397,068	)	$	(1,114,815	)	$	(511,446	)

Weighted average number of common units outstanding - basic and diluted	927,124,560			817,883,937			214,352,289

Basic and diluted net loss from continuing operations per unit attributable to common unitholders	$	(0.43	)	$	(1.36	)	$	(2.39	)

As of December 31, 2015, approximately 3.3 million shares of unvested restricted units were excluded from the calculation of diluted net loss per unit as the effect would have been antidilutive.