PARTNERS’ EQUITY OF THE OPERATING PARTNERSHIP

Earnings per Common Partnership Unit

The following tables detail the number of units and net income used to calculate basic and diluted earnings per common partnership unit (in thousands, except unit and per unit amounts; results may not add due to rounding):



	Three-month periods ended March 31,
	2015						2014
	Basic			Diluted			Basic			Diluted
Numerator
Income (Loss) from continuing operations	$	8,594		$	8,594		$	(2,237	)	$	(2,237	)
Nonforfeitable dividends allocated to unvested restricted unitholders	(101		)	(101		)	(103		)	(103		)
Preferred unit dividends	(1,725		)	(1,725		)	(1,725		)	(1,725		)
Net income attributable to non-controlling interests	—			—			(12		)	(12		)
Income (Loss) from continuing operations available to common unitholders	6,768			6,768			(4,077		)	(4,077		)
Discontinued operations attributable to common unitholders	—			—			(8		)	(8		)
Net income (loss) attributable to common unitholders	$	6,768		$	6,768		$	(4,085	)	$	(4,085	)
Denominator
Weighted-average units outstanding	181,098,032			181,098,032			158,557,758			158,557,758
Contingent securities/Share based compensation	—			1,092,342			—			—
Total weighted-average units outstanding	181,098,032			182,190,374			158,557,758			158,557,758
Earnings per Common Partnership Unit:
Income (loss) from continuing operations attributable to common unitholders	$	0.04		$	0.04		$	(0.03	)	$	(0.03	)
Discontinued operations attributable to common unitholders	—			—			—			—
Net income (loss) attributable to common unitholders	$	0.04		$	0.04		$	(0.03	)	$	(0.03	)

Unvested restricted units are considered participating securities which require the use of the two-class method for the computation of basic and diluted earnings per share. For the three-month periods ended March 31, 2015 and 2014, earnings representing nonforfeitable dividends as noted in the table above were allocated to the unvested restricted units issued to the Parent Company’s executives and other employees under the Parent Company's shareholder-approved long-term incentive plan.

Common Partnership Units and Preferred Mirror Units

On March 11, 2015, the Operating Partnership declared a distribution of $0.15 per common partnership unit, totaling $27.3 million, which was paid on April 20, 2015 to unitholders of record as of April 6, 2015. On March 11, 2015, the Operating Partnership declared distributions on its Series E-Linked Preferred Mirror Units to holders of record as of April 6, 2015. These units are entitled to a preferential return of 6.90% per annum on the $25.00 per unit liquidation preference. Distributions paid on April 15, 2015 to holders of Series E-Linked Preferred Mirror Units totaled $1.7 million.