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 years ended December 31, 2017, 2016 and 2015 (dollar amounts in thousands):



	Year Ended December 31,
	2017			2016			2015
Income (loss) from continuing operations	$	51,495		$	(76,887	)	$	(138,992	)
Noncontrolling interests’ share in continuing operations	(1,005		)	1,908			2,341
Net income (loss) from continuing operations attributable to the General Partner	50,490			(74,979		)	(136,651		)
Dividends to preferred shares and units	(71,892		)	(71,892		)	(71,892		)
Net loss from continuing operations available to the General Partner	(21,402		)	(146,871		)	(208,543		)
Earnings allocated to participating securities	(491		)	(492		)	(410		)
Loss from discontinued operations, net of income taxes	(19,117		)	(123,937		)	(184,500		)
Loss from discontinued operations attributable to limited partners	445			3,053			4,798
Net loss available to common stockholders used in basic and diluted net loss per share	$	(40,565	)	$	(268,247	)	$	(388,655	)

Weighted average number of common stock outstanding - basic and diluted	974,098,652			931,422,844			903,360,763

Basic and diluted net loss per share from continuing operations attributable to common stockholders	$	(0.02	)	$	(0.16	)	$	(0.23	)
Basic and diluted loss per share from discontinued operations attributable to common stockholders	$	(0.02	)	$	(0.13	)	$	(0.20	)
Basic and diluted net loss per share attributable to common stockholders	$	(0.04	)	$	(0.29	)	$	(0.43	)

For the year ended December 31, 2017, diluted net loss per share attributable to common stockholders excludes approximately 0.3 million unvested Restricted Shares and Restricted Stock Units and approximately 23.7 million OP Units as the effect would have been antidilutive.

For the year ended December 31, 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.

For the year ended December 31, 2015, diluted net loss per share attributable to common stockholders excludes approximately 3.3 million 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 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 years ended December 31, 2017, 2016 and 2015 (dollar amounts in thousands):



	Year Ended December 31,
	2017			2016			2015
Income (loss) from continuing operations	$	51,495		$	(76,887	)	$	(138,992	)
Noncontrolling interests’ share in continuing operations	194			14			(1,274		)
Net income (loss) from continuing operations attributable to the Operating Partnership	51,689			(76,873		)	(140,266		)
Dividends to preferred units	(71,892		)	(71,892		)	(71,892		)
Net loss from continuing operations available to the Operating Partnership	(20,203		)	(148,765		)	(212,158		)
Earnings allocated to participating units	(491		)	(492		)	(410		)
Loss from discontinued operations, net of income taxes	(19,117		)	(123,937		)	(184,500		)
Net loss available to common unitholders used in basic and diluted net loss per unit	$	(39,811	)	$	(273,194	)	$	(397,068	)

Weighted average number of common units outstanding - basic and diluted	997,846,999			955,181,238			927,124,560

Basic and diluted net loss per unit from continuing operations attributable to common unitholders	$	(0.02	)	$	(0.16	)	$	(0.23	)
Basic and diluted net loss per unit from discontinued operations attributable to common unitholders	$	(0.02	)	$	(0.13	)	$	(0.20	)
Basic and diluted net loss per unit attributable to common unitholders	$	(0.04	)	$	(0.29	)	$	(0.43	)

For the year ended December 31, 2017, diluted net loss per unit attributable to common unitholders excludes approximately 0.3 million unvested Restricted Shares and Restricted Stock Units as the effect would have been antidilutive.

For the year ended December 31, 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.

For the year ended December 31, 2015, diluted net loss per unit attributable to common unitholders excludes approximately 3.3 million of unvested Restricted Shares and Restricted Stock Units as the effect would have been antidilutive.