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, 2018 and 2017 (dollar amounts in thousands):



	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
(Loss) income from continuing operations	$	(73,942	)	$	12,489		$	(119,597	)	$	53,974
Noncontrolling interests’ share in continuing operations	1,825			(305		)	2,969			(1,259		)
Net (loss) income from continuing operations attributable to the General Partner	(72,117		)	12,184			(116,628		)	52,715
Dividends to preferred shares and units	(17,973		)	(17,973		)	(53,919		)	(53,919		)
Net loss from continuing operations available to the General Partner	(90,090		)	(5,789		)	(170,547		)	(1,204		)
Earnings allocated to participating securities	(11		)	(43		)	(33		)	(434		)
Income from discontinued operations, net of income taxes	—			4,005			3,725			11,496
Income from discontinued operations attributable to limited partners	—			(95		)	(89		)	(271		)
Net (loss) income available to common stockholders used in basic net (loss) income per share	(90,101		)	(1,922		)	(166,944		)	9,587
Income attributable to limited partners	—			—			—			1,542
Net (loss) income available to common stockholders used in diluted net (loss) income per share	$	(90,101	)	$	(1,922	)	$	(166,944	)	$	11,129

Weighted average number of common stock outstanding - basic	967,798,401			974,167,088			969,521,946			974,060,160
Effect of Limited Partner OP Units and dilutive securities	—			—			—			24,025,813
Weighted average number of common shares - diluted	967,798,401			974,167,088			969,521,946			998,085,973

Basic and diluted net (loss) income per share from continuing operations attributable to common stockholders	$	(0.09	)	$	(0.01	)	$	(0.18	)	$	(0.00	)
Basic and diluted net income per share from discontinued operations attributable to common stockholders	$	—		$	0.00		$	0.00		$	0.01
Basic and diluted net (loss) income per share attributable to common stockholders ⁽¹⁾	$	(0.09	)	$	(0.00	)	$	(0.17	)	$	0.01

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(1)	Amounts may not total due to rounding.

For the three months ended September 30, 2018, diluted net loss per share attributable to common stockholders excludes approximately 0.4 million weighted average unvested restricted shares and restricted stock units, 23.7 million OP Units and 2.8 million weighted average stock options as the effect would have been antidilutive. For the nine months ended September 30, 2018, diluted net loss per share attributable to common stockholders excludes approximately 0.2 million weighted average unvested restricted shares and restricted stock units, 23.7 million OP Units and 2.3 million weighted average stock options, as the effect would have been antidilutive.

For the three months ended September 30, 2017, diluted net loss per share attributable to common stockholders excludes approximately 0.5 million weighted average 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 0.1 million weighted average unvested restricted shares 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, 2018 and 2017 (dollar amounts in thousands):



	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
(Loss) income from continuing operations	$	(73,942	)	$	12,489		$	(119,597	)	$	53,974
Noncontrolling interests’ share in continuing operations	57			(9		)	113			12
Net (loss) income from continuing operations attributable to the Operating Partnership	$	(73,885	)	$	12,480		$	(119,484	)	$	53,986
Dividends to preferred units	(17,973		)	(17,973		)	(53,919		)	(53,919		)
Net (loss) income from continuing operations available to the Operating Partnership	(91,858		)	(5,493		)	(173,403		)	67
Earnings allocated to participating units	(11		)	(43		)	(33		)	(434		)
Income from discontinued operations, net of income taxes	—			4,005			3,725			11,496
Net (loss) income available to common unitholders used in basic and diluted net loss per unit	$	(91,869	)	$	(1,531	)	$	(169,711	)	$	11,129

Weighted average number of common units outstanding - basic	991,514,309			997,915,435			993,250,687			997,808,507
Effect of dilutive securities	—			—			—			277,466
Weighted average number of common units - diluted	991,514,309			997,915,435			993,250,687			998,085,973

Basic and diluted net (loss) income per unit from continuing operations attributable to common unitholders	$	(0.09	)	$	(0.01	)	$	(0.18	)	$	(0.00	)
Basic and diluted net income per unit from discontinued operations attributable to common unitholders	$	—		$	0.00		$	0.00		$	0.01
Basic and diluted net (loss) income per unit attributable to common unitholders ⁽¹⁾	$	(0.09	)	$	(0.00	)	$	(0.17	)	$	0.01

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(1)	Amounts may not total due to rounding.

For the three and nine months ended September 30, 2018, diluted net loss per unit attributable to common unitholders excludes approximately 0.4 million and 0.2 million unvested restricted shares and restricted stock units, respectively, and 2.8 million and 2.3 million weighted average stock options as the effect would have been antidilutive.

For the three months ended September 30, 2017, diluted net loss per share attributable to common stockholders excludes approximately 0.5 million weighted average 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 share attributable to common stockholders excludes approximately 0.1 million weighted average unvested restricted shares as the effect would have been antidilutive.