Net Income (Loss) Per Share/Unit

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 Income (Loss) Per Share

The following is a summary of the basic and diluted net loss per share computation for the General Partner for the three and nine months ended September 30, 2016 and 2015 (dollar amounts in thousands):



	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Net income (loss) attributable to the General Partner	$	29,495		$	7,529		$	(80,445	)	$	(128,963	)
Dividends to preferred shares and units	(17,973		)	(17,974		)	(53,919		)	(53,920		)
Net income (loss) available to the General Partner	11,522			(10,445		)	(134,364		)	(182,883		)
Earnings allocated to participating securities	(154		)	(217		)	(400		)	(222		)
Income attributable to limited partners	739			—			—			—
Net Income (loss) attributable to common stockholders and limited partners used in basic and diluted net income (loss) per share	$	12,107		$	(10,662	)	$	(134,764	)	$	(183,105	)

Weighted average number of common stock outstanding - basic	943,480,170			903,461,323			917,233,898			903,267,282
Effect of Limited Partner OP Units and dilutive securities	25,206,373			—			—			—
Weighted average number of common stock outstanding - diluted	968,686,543			903,461,323			917,233,898			903,267,282

Basic and diluted net income (loss) per share attributable to common stockholders and limited partners	$	0.01		$	(0.01	)	$	(0.15	)	$	(0.20	)

For the nine months ended September 30, 2016, diluted net loss per share attributable to common stockholders excludes approximately 0.9 million of unvested Restricted Shares and Restricted Stock Units and approximately 23.8 million OP Units as the effect would have been antidilutive.

For the three and nine months ended September 30, 2015, diluted net loss attributable to common stockholders excludes approximately 2.2 million and 2.3 million, respectively, of unvested Restricted Shares and Restricted Stock Units and approximately 23.8 million OP Units as the effect would have been antidilutive.

Net Income (Loss) Per Unit

The following is a summary of the basic and diluted net loss per unit attributable to common unitholders, which includes all common general partner unitholders and limited partner unitholders. The computation for the OP for the three and nine months ended September 30, 2016 and 2015 (dollar amounts in thousands):



	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Net income (loss) attributable to the Operating Partnership	$	30,234		$	7,737		$	(82,578	)	$	(132,458	)
Dividends to preferred units	(17,973		)	(17,974		)	(53,919		)	(53,920		)
Net income (loss) available to the Operating Partnership	12,261			(10,237		)	(136,497		)	(186,378		)
Earnings allocated to participating units	(154		)	(217		)	(400		)	(222		)
Net Income (loss) attributable to common unitholders used in basic and diluted net income (loss) per unit	$	12,107		$	(10,454	)	$	(136,897	)	$	(186,600	)

Weighted average number of common units outstanding - basic	967,237,921			927,225,120			940,995,665			927,031,079
Effect of dilutive securities	1,448,622			—			—			—
Weighted average number of common units outstanding - diluted	968,686,543			927,225,120			940,995,665			927,031,079

Basic and diluted net income (loss) per unit attributable to common unitholders	$	0.01		$	(0.01	)	$	(0.15	)	$	(0.20	)

For the nine months ended September 30, 2016, diluted net loss per unit attributable to common unitholders excludes approximately 0.9 million of unvested Restricted Shares and Restricted Stock Units as the effect would have been antidilutive.

For the three and nine months ended September 30, 2015, diluted net loss attributable to common unitholders excludes approximately 2.2 million and 2.3 million, respectively, of unvested Restricted Shares and Restricted Stock Units as the effect would have been antidilutive.