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 income (loss) per share computation for the General Partner for the three and six months ended June 30, 2017 and 2016 (dollar amounts in thousands):



	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
Net income (loss) attributable to the General Partner	$	33,408		$	3,146		$	47,846		$	(109,940	)
Dividends to preferred shares and units	(17,973		)	(17,973		)	(35,946		)	(35,946		)
Net income (loss) available to the General Partner	15,435			(14,827		)	11,900			(145,886		)
Earnings allocated to participating securities	(212		)	(210		)	(391		)	(335		)
Income attributable to limited partners	792			—			1,151			—
Net income (loss) available to common stockholders used in basic and diluted net loss per share	$	16,015		$	(15,037	)	$	12,660		$	(146,221	)

Weighted average number of common stock outstanding - basic	974,160,295			904,107,378			974,005,811			903,966,552
Effect of Limited Partner OP Units and dilutive securities	23,933,215			—			24,019,403			—
Weighted average number of common stock outstanding - diluted	998,093,510			904,107,378			998,025,214			903,966,552

Basic and diluted net income (loss) per share attributable to common stockholders	$	0.02		$	(0.02	)	$	0.01		$	(0.16	)

For the three months ended June 30, 2017, diluted net income per share attributable to common stockholders excludes approximately 36,000 unvested Restricted Shares as the effect would have been antidilutive. For the six months ended June 30, 2017, diluted net income per share attributable to common stockholders excludes approximately 78,000 unvested Restricted Shares as the effect would have been antidilutive.

For the three and six months ended June 30, 2016, diluted net loss per share attributable to common stockholders excludes approximately 4.0 million 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 income (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 six months ended June 30, 2017 and 2016 (dollar amounts in thousands):



	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
Net income (loss) attributable to the Operating Partnership	$	34,200		$	3,229		$	48,997		$	(112,812	)
Dividends to preferred units	(17,973		)	(17,973		)	(35,946		)	(35,946		)
Net income (loss) available to the Operating Partnership	16,227			(14,744		)	13,051			(148,758		)
Earnings allocated to participating units	(212		)	(210		)	(391		)	(335		)
Net income (loss) available to common unitholders used in basic and diluted net loss per unit	$	16,015		$	(14,954	)	$	12,660		$	(149,093	)

Weighted average number of common units outstanding - basic	997,908,642			927,871,175			997,754,158			927,730,349
Effect of dilutive securities	184,868			—			271,056			—
Weighted average number of common units outstanding - diluted	998,093,510			927,871,175			998,025,214			927,730,349
Basic and diluted net income (loss) per unit attributable to common unitholders	$	0.02		$	(0.02	)	$	0.01		$	(0.16	)

For the three months ended June 30, 2017, diluted net income per unit attributable to common unitholders excludes approximately 36,000 unvested Restricted Shares as the effect would have been antidilutive. For the six months ended June 30, 2017, diluted net income per unit attributable to common unitholders excludes approximately 78,000 unvested Restricted Shares as the effect would have been antidilutive.

For the three and six months ended June 30, 2016, diluted net loss per unit attributable to common unitholders excludes approximately 4.0 million unvested Restricted Shares and Restricted Stock Units.