Net Income (Loss) Per Share/Unit

3 Months Ended

Mar. 31, 2019

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 Per Share

The following is a summary of the basic and diluted net income per share computation for the General Partner for the three months ended March 31, 2019 and 2018 (dollar amounts in thousands):



	Three Months Ended March 31,
	2019			2018
Income from continuing operations	$	70,971		$	29,036
Noncontrolling interests’ share in continuing operations	(1,667		)	(658		)
Net income from continuing operations attributable to the General Partner	69,304			28,378
Dividends to preferred shares and units	(17,973		)	(17,973		)
Net income from continuing operations available to the General Partner	51,331			10,405
Earnings allocated to participating securities	—			(11		)
Income from discontinued operations, net of income taxes	—			3,501
Income from discontinued operations attributable to limited partners	—			(84		)
Net income available to common stockholders used in basic net income per share	51,331			13,811
Income attributable to limited partners	1,695			782
Net income available to common stockholders used in basic and diluted net income per share	$	53,026		$	14,593

Weighted average number of Common Stock outstanding - basic	968,460,296			972,663,193
Effect of Limited Partner OP Units and dilutive securities	24,838,018			24,044,144
Weighted average number of common shares - diluted	993,298,314			996,707,337

Basic and diluted net income per share from continuing operations attributable to common stockholders	$	0.05		$	0.01
Basic and diluted net income per share from discontinued operations attributable to common stockholders	$	—		$	0.00
Basic and diluted net income per share attributable to common stockholders	$	0.05		$	0.01

The following were excluded from diluted net income per share attributable to common stockholders, as the effect would have been antidilutive:

Net Income Per Unit

The following is a summary of the basic and diluted net income per unit attributable to common unitholders, which includes all common General Partner unitholders and limited partner unitholders, for the three months ended March 31, 2019 and 2018 (dollar amounts in thousands):



	Three Months Ended March 31,
	2019			2018
Income from continuing operations	$	70,971		$	29,036
Noncontrolling interests’ share in continuing operations	28			40
Net income from continuing operations attributable to the Operating Partnership	$	70,999		$	29,076
Dividends to preferred units	(17,973		)	(17,973		)
Net income from continuing operations available to the Operating Partnership	53,026			11,103
Earnings allocated to participating units	—			(11		)
Income from discontinued operations, net of income taxes	—			3,501
Net income available to common unitholders used in basic and diluted net income per unit	$	53,026		$	14,593

Weighted average number of common units outstanding - basic	992,176,204			996,411,540
Effect of dilutive securities	1,122,110			295,797
Weighted average number of common units - diluted	993,298,314			996,707,337

Basic and diluted net income per unit from continuing operations attributable to common unitholders	$	0.05		$	0.01
Basic and diluted net income per unit from discontinued operations attributable to common unitholders	$	—		$	0.00
Basic and diluted net income per unit attributable to common unitholders	$	0.05		$	0.01

The following were excluded from diluted net income per unit attributable to common unitholders, as the effect would have been antidilutive:

Three Months Ended March 31,

Weighted average unvested Restricted Shares