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 June 30,
	2015						2014
	Basic			Diluted			Basic			Diluted
Numerator
Income from continuing operations	$	3,058		$	3,058		$	1,245		$	1,245
Nonforfeitable dividends allocated to unvested restricted unitholders	(76		)	(76		)	(83		)	(83		)
Preferred unit dividends	(1,725		)	(1,725		)	(1,725		)	(1,725		)
Net loss attributable to non-controlling interests	5			5			24			24
Loss from continuing operations available to common unitholders	1,262			1,262			(539		)	(539		)
Discontinued operations attributable to common unitholders	—			—			929			929
Net income attributable to common unitholders	$	1,262		$	1,262		$	390		$	390
Denominator
Weighted-average units outstanding	181,395,386			181,395,386			158,801,087			158,801,087
Contingent securities/Share based compensation	—			678,603			—			—
Total weighted-average units outstanding	181,395,386			182,073,989			158,801,087			158,801,087
Earnings per Common Partnership Unit:
Income from continuing operations attributable to common unitholders	$	0.01		$	0.01		$	—		$	—
Discontinued operations attributable to common unitholders	—			—			—			—
Net income attributable to common unitholders	$	0.01		$	0.01		$	—		$	—




	Six-month periods ended June 30,
	2015						2014
	Basic			Diluted			Basic			Diluted
Numerator
Income (loss) from continuing operations	$	11,652		$	11,652		$	(992	)	$	(992	)
Amount allocable to unvested restricted unitholders	(177		)	(177		)	(186		)	(186		)
Preferred unit dividends	(3,450		)	(3,450		)	(3,450		)	(3,450		)
Net income attributable to non-controlling interests	5			5			12			12
Income (loss) from continuing operations available to common unitholders	8,030			8,030			(4,616		)	(4,616		)
Discontinued operations attributable to common unitholders	—			—			921			921
Net income (loss) attributable to common unitholders	$	8,030		$	8,030		$	(3,695	)	$	(3,695	)
Denominator
Weighted-average units outstanding	181,247,530			181,247,530			158,680,095			158,680,095
Contingent securities/Share based compensation	—			886,837			—			—
Total weighted-average units outstanding	181,247,530			182,134,367			158,680,095			158,680,095
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	—			—			0.01			0.01
Net income (loss) attributable to common unitholders	$	0.04		$	0.04		$	(0.02	)	$	(0.02	)

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 and six-month periods ended June 30, 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 May 28, 2015, the Operating Partnership declared a distribution of $0.15 per common partnership unit, totaling $27.3 million, which was paid on July 20, 2015 to unitholders of record as of July 6, 2015. On May 28, 2015, the Operating Partnership declared distributions on its Series E-Linked Preferred Mirror Units to holders of record as of July 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 July 15, 2015 to holders of Series E-Linked Preferred Mirror Units totaled $1.7 million.