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 nine months ended September 30, 2017 and 2016 (dollar amounts in thousands):



	Three Months Ended September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
Net income (loss) attributable to the General Partner	$	16,094		$	29,495		$	63,940		$	(80,445	)
Dividends to preferred shares and units	(17,973		)	(17,973		)	(53,919		)	(53,919		)
Net (loss) income available to the General Partner	(1,879		)	11,522			10,021			(134,364		)
Earnings allocated to participating securities	(43		)	(154		)	(434		)	(400		)
Income attributable to limited partners	—			739			1,542			—
Net (loss) income available to common stockholders used in basic and diluted net loss per share	$	(1,922	)	$	12,107		$	11,129		$	(134,764	)

Weighted average number of common stock outstanding - basic	974,167,088			943,480,170			974,060,160			917,233,898
Effect of Limited Partner OP Units and dilutive securities	—			25,206,373			24,025,813			—
Weighted average number of common stock outstanding - diluted	974,167,088			968,686,543			998,085,973			917,233,898

Basic and diluted net (loss) income per share attributable to common stockholders	$	(0.00	)	$	0.01		$	0.01		$	(0.15	)

For the three months ended September 30, 2017, diluted net loss per share attributable to common stockholders excludes approximately 0.5 million unvested Restricted Shares and Restricted Stock Units and approximately 23.7 million OP Units as the effect would have been antidilutive. For the nine months ended September 30, 2017, diluted net income per share attributable to common stockholders excludes approximately 84,000 unvested Restricted Shares as the effect would have been antidilutive.

For the nine months ended September 30, 2016, diluted net loss per share attributable to common stockholders excludes approximately 0.9 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 nine months ended September 30, 2017 and 2016 (dollar amounts in thousands):



	Three Months Ended September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
Net income (loss) attributable to the Operating Partnership	$	16,485		$	30,234		$	65,482		$	(82,578	)
Dividends to preferred units	(17,973		)	(17,973		)	(53,919		)	(53,919		)
Net (loss) income available to the Operating Partnership	(1,488		)	12,261			11,563			(136,497		)
Earnings allocated to participating units	(43		)	(154		)	(434		)	(400		)
Net (loss) income available to common unitholders used in basic and diluted net loss per unit	$	(1,531	)	$	12,107		$	11,129		$	(136,897	)

Weighted average number of common units outstanding - basic	997,915,435			967,237,921			997,808,507			940,995,665
Effect of dilutive securities	—			1,448,622			277,466			—
Weighted average number of common units outstanding - diluted	997,915,435			968,686,543			998,085,973			940,995,665
Basic and diluted net (loss) income per unit attributable to common unitholders	$	(0.00	)	$	0.01		$	0.01		$	(0.15	)

For the three months ended September 30, 2017, diluted net loss per unit attributable to common unitholders excludes approximately 0.5 million unvested Restricted Shares and Restricted Stock Units as the effect would have been antidilutive. For the nine months ended September 30, 2017, diluted net income per unit attributable to common unitholders excludes approximately 84,000 unvested Restricted Shares as the effect would have been antidilutive.

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