Net (Loss) Income Per Common Unit

6 Months Ended

Jun. 30, 2020

NET (LOSS) INCOME PER COMMON UNITThe following data was used in computing net (loss) income per common unit shown in the Company's consolidated statements of operations:


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
Net (loss) income from continuing operations	$	(417)	$	23,952	$	(36,876)	$	43,714
Net (income) loss attributable to noncontrolling interests in consolidated entities (continuing operations)	(191)		29		(321)		85
Net (loss) income from continuing operations attributable to common unitholders	(608)		23,981		(37,197)		43,799
Net loss from discontinued operations attributable to common unitholders	(1,260)		(2,918)		(26,408)		(7,058)
Net (loss) income attributable to common unitholders	(1,868)		21,063		(63,605)		36,741
Effect of dilutive securities:
Interest expense from SPLP Preferred Units ^{(a), (b)}	—		2,973		—		5,945
Net (loss) income attributable to common unitholders – assuming dilution	$	(1,868)	$	24,036	$	(63,605)	$	42,686
Net (loss) income per common unit – basic
Net (loss) income from continuing operations	$	(0.02)	$	0.96	$	(1.49)	$	1.75
Net loss from discontinued operations	(0.05)		(0.12)		(1.06)		(0.28)
Net (loss) income attributable to common unitholders	$	(0.07)	$	0.84	$	(2.55)	$	1.47
Net (loss) income per common unit – diluted
Net (loss) income attributable to common unitholders	$	(0.02)	$	0.69	$	(1.49)	$	1.27
Net loss from discontinued operations	(0.05)		(0.08)		(1.06)		(0.18)
Net (loss) income attributable to common unitholders	$	(0.07)	$	0.61	$	(2.55)	$	1.09
Denominator for net (loss) income per common unit – basic	24,958,026		24,982,728		24,989,440		24,915,446
Effect of dilutive securities:

Unvested restricted common units	—		—		—		190
SPLP Preferred Units^(a)	—		14,155,871		—		14,242,874
Denominator for net (loss) income per common unit – diluted ^{(a), (b)}	24,958,026		39,138,599		24,989,440		39,158,510

(a) Assumes the SPLP Preferred Units were redeemed in common units as described in Note 12 - "Capital and Accumulated Other Comprehensive Loss."

(b) For the three months ended June 30, 2020, the diluted per unit calculation does not include 28,803,727 of SPLP Preferred Units and 112,025 of unvested restricted common units, since the impact would have been anti-dilutive. For the three months ended June 30, 2019, the diluted per unit calculation does not include 3,448 of unvested restricted common units, since the impact would have been anti-dilutive. For the six months ended June 30, 2020 the diluted per unit calculation does not include 30,454,112 of SPLP Preferred Units and 72,479 of unvested restricted common units, since the impact would have been anti-dilutive.