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 September 30,
	2015						2014
	Basic			Diluted			Basic			Diluted
Numerator
Income from continuing operations	$	20,308		$	20,308		$	8,885		$	8,885
Nonforfeitable dividends allocated to unvested restricted unitholders	(76		)	(76		)	(82		)	(82		)
Preferred unit dividends	(1,725		)	(1,725		)	(1,725		)	(1,725		)
Net loss attributable to non-controlling interests	(1		)	(1		)	(24		)	(24		)
Net income from continuing operations available to common unitholders	18,506			18,506			7,054			7,054
Discontinued operations attributable to common unitholders	—			—			(3		)	(3		)
Net income attributable to common unitholders	$	18,506		$	18,506		$	7,051		$	7,051
Denominator
Weighted-average units outstanding	179,723,139			179,723,139			173,341,782			173,341,782
Contingent securities/Share based compensation	—			588,647			—			1,587,148
Total weighted-average units outstanding	179,723,139			180,311,786			173,341,782			174,928,930
Earnings per Common Partnership Unit:
Income from continuing operations attributable to common unitholders	$	0.10		$	0.10		$	0.04		$	0.04
Discontinued operations attributable to common unitholders	—			—			—			—
Net income attributable to common unitholders	$	0.10		$	0.10		$	0.04		$	0.04




	Nine-month periods ended September 30,
	2015						2014
	Basic			Diluted			Basic			Diluted
Numerator
Income from continuing operations	$	31,960		$	31,960		$	7,893		$	7,893
Amount allocable to unvested restricted unitholders	(253		)	(253		)	(268		)	(268		)
Preferred unit dividends	(5,175		)	(5,175		)	(5,175		)	(5,175		)
Net income attributable to non-controlling interests	4			4			(12		)	(12		)
Income from continuing operations available to common unitholders	26,536			26,536			2,438			2,438
Discontinued operations attributable to common unitholders	—			—			918			918
Net income attributable to common unitholders	$	26,536		$	26,536		$	3,356		$	3,356
Denominator
Weighted-average units outstanding	180,733,816			180,733,816			163,620,963			163,620,963
Contingent securities/Share based compensation	—			789,778			—			1,487,015
Total weighted-average units outstanding	180,733,816			181,523,594			163,620,963			165,107,978
Earnings per Common Partnership Unit:
Income from continuing operations attributable to common unitholders	$	0.15		$	0.15		$	0.01		$	0.01
Discontinued operations attributable to common unitholders	—			—			0.01			0.01
Net income attributable to common unitholders	$	0.15		$	0.15		$	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 nine-month periods ended September 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 September 15, 2015, the Operating Partnership declared a distribution of $0.15 per common partnership unit, totaling $26.6 million, payable on October 19, 2015 to unitholders of record as of October 5, 2015. In addition, the Operating Partnership declared distributions on its Series E-Linked Preferred Mirror Units to holders of record as of October 5, 2015. These units are entitled to a preferential return of 6.90% per annum on the $25.00 per unit liquidation preference. Distributions to be paid on October 15, 2015 to holders of Series E-Linked Preferred Mirror Units will total $1.7 million.