Note 16 – 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 months ended March 31, 2018 and 2017 (dollar amounts in thousands):



	Three Months Ended March 31,
	2018			2017
Income from continuing operations	$	29,036		$	11,935
Noncontrolling interests’ share in continuing operations	(658		)	(283		)
Net income from continuing operations attributable to the General Partner	28,378			11,652
Dividends to preferred shares and units	(17,973		)	(17,973		)
Net income (loss) from continuing operations available to the General Partner	10,405			(6,321		)
Earnings allocated to participating securities	(11		)	(178		)
Income from discontinued operations, net of income taxes	3,501			2,855
Income from discontinued operations attributable to limited partners	(84		)	(69		)
Net income (loss) available to common stockholders used in basic net income (loss) per share	13,811			(3,713		)
Income attributable to limited partners	782			—
Net income (loss) available to common stockholders used in diluted net income (loss) per share	$	14,593		$	(3,713	)

Weighted average number of common stock outstanding - basic	972,663,193			973,849,610
Dilutive potential common shares - OP Units	23,748,347			—
Dilutive potential common shares - equity awards	295,797			—
Weighted average number of common shares - diluted	996,707,337			973,849,610

Basic and diluted net income (loss) per share from continuing operations attributable to common stockholders	$	0.01		$	(0.01	)
Basic and diluted net income per share from discontinued operations attributable to common stockholders	$	0.00		$	0.00
Basic and diluted net income (loss) per share attributable to common stockholders	$	0.01		$	(0.00	)

For the three months ended March 31, 2018, diluted net income per share attributable to common stockholders excludes approximately 0.1 million weighted average unvested restricted shares and 1.2 million weighted average stock options as the effect would have been antidilutive.

For the three months ended March 31, 2017, diluted net loss per share attributable to common stockholders excludes approximately 0.7 million weighted average unvested restricted shares and restricted stock units and approximately 23.7 million weighted average 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 months ended March 31, 2018 and 2017 (dollar amounts in thousands):



	Three Months Ended March 31,
	2018			2017
Income from continuing operations	$	29,036		$	11,935
Noncontrolling interests’ share in continuing operations	40			7
Net income from continuing operations attributable to the Operating Partnership	29,076			11,942
Dividends to preferred units	(17,973		)	(17,973		)
Net income (loss) from continuing operations available to the Operating Partnership	11,103			(6,031		)
Earnings allocated to participating units	(11		)	(178		)
Income from discontinued operations, net of income taxes	3,501			2,855
Net income (loss) available to common unitholders used in basic and diluted net loss per unit	$	14,593		$	(3,354	)

Weighted average number of common units outstanding - basic	996,411,540			997,597,957
Dilutive potential common shares - equity awards	295,797			—
Weighted average number of common units - diluted	996,707,337			997,597,957

Basic and diluted net income (loss) per unit from continuing operations attributable to common unitholders	$	0.01		$	(0.01	)
Basic and diluted net income per unit from discontinued operations attributable to common unitholders	$	0.00		$	0.00
Basic and diluted net income (loss) per unit attributable to common unitholders	$	0.01		$	(0.00	)

For the three months ended March 31, 2018, diluted net income per unit attributable to common unitholders excludes approximately 0.1 million unvested restricted shares and 1.2 million weighted average stock options as the effect would have been antidilutive.

For the three months ended March 31, 2017, diluted net loss per unit attributable to common unitholders excludes approximately 0.7 million weighted average unvested restricted shares and restricted stock units as the effect would have been antidilutive.