Earnings Per Unit of the Operating Partnership

The following table sets forth a reconciliation of the numerators and denominators in computing earnings per unit (in thousands, except per unit amounts).



	Three months ended March 31,
	2015			2014
Numerator
Net income attributable to partners of the Operating Partnership	$	36,367		$	15,419
Less allocation of earnings to participating securities	(408		)	(429		)
Net income available to common unitholders of the Operating Partnership	$	35,959		$	14,990
Denominator
Basic weighted average common units	99,614			98,720
Effect of notional units	82			—
Effect of outstanding options and restricted common units	79			69
Diluted weighted average common units	99,775			98,789
Basic earnings per common unit:
Net income	$	0.36		$	0.15
Diluted earnings per common unit:
Net income	$	0.36		$	0.15

The notional units are considered contingently issuable common units and are included in earnings per unit if the effect is dilutive using the treasury stock method. Notional units granted in 2010 were converted into 933,769 restricted common units in January 2014. The restricted common units vested on December 31, 2014 and were considered participating securities through the vesting date.

The computation of diluted earnings per unit excludes options to purchase common units when the exercise price is greater than the average market price of the common units for the period. The market price of a common unit is considered to be equivalent to the market price of a Company common share. For the three months ended March 31, 2015, 252,000 units were excluded from the computation and for the three months ended March 31, 2014, 279,000 options were excluded from the computation.

Certain of the Company's unvested restricted common share awards contain non-forfeitable rights to distributions or distribution equivalents. The impact of the corresponding unvested restricted unit awards on earnings per unit has been calculated using the two-class method whereby earnings are allocated to the unvested restricted unit awards based on distributions declared and the unvested restricted units' participation rights in undistributed earnings. Unvested restricted common units that do not contain non-forfeitable rights to dividends or dividend equivalents are included in the diluted earnings per unit computation if the effect is dilutive, using the treasury stock method.