Partners Equity of The Operating Partnership

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

PARTNERS’ EQUITY OF THE OPERATING PARTNERSHIP

11. 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 Months Ended March 31,
	2016						2015
	Basic			Diluted			Basic			Diluted
Numerator
Income from continuing operations	$	46,310		$	46,310		$	8,594		$	8,594
Nonforfeitable dividends allocated to unvested restricted unitholders		(105	)		(105	)		(101	)		(101	)
Preferred unit dividends		(1,725	)		(1,725	)		(1,725	)		(1,725	)
Net income attributable to non-controlling interests		(2	)		(2	)		-			-
Net income attributable to common unitholders	$	44,478		$	44,478		$	6,768		$	6,768
Denominator
Weighted-average units outstanding		176,324,047			176,324,047			181,098,032			181,098,032
Contingent securities/Share based compensation		-			682,468			-			1,092,342
Total weighted-average units outstanding		176,324,047			177,006,515			181,098,032			182,190,374
Earnings per Common Partnership Unit:
Net income attributable to common unitholders	$	0.25		$	0.25		$	0.04		$	0.04

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, 2016 and 2015, 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 9, 2016, the Operating Partnership declared a distribution of $0.15 per common partnership unit, totaling $26.6 million, which was paid on April 18, 2016 to unitholders of record as of April 4, 2016. In addition, the Operating Partnership declared distributions on its Series E-Linked Preferred Mirror Units to holders of record as of March 30, 2016. 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, 2016 to holders of Series E-Linked Preferred Mirror Units totaled $1.7 million.