Net Income (Loss) Per Common Unit

9 Months Ended

Sep. 30, 2020

NET INCOME (LOSS) PER COMMON UNIT

The following data was used in computing net income (loss) per common unit shown in the Company's consolidated statements of operations:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Net income from continuing operations	$	37,383	$	23,718	$	507	$	67,432
Net income attributable to noncontrolling interests in consolidated entities (continuing operations)	(248)		(114)		(569)		(29)
Net income from continuing operations attributable to common unitholders	37,135		23,604		(62)		67,403
Net income (loss) from discontinued operations attributable to common unitholders	1,140		(26,482)		(25,268)		(33,540)
Net income (loss) attributable to common unitholders	38,275		(2,878)		(25,330)		33,863
Effect of dilutive securities:
Interest expense from SPLP Preferred Units (a), (b)	3,083		—		—		8,918
Net income (loss) attributable to common unitholders – assuming dilution	$	41,358	$	(2,878)	$	(25,330)	$	42,781
Net income (loss) per common unit – basic
Net income from continuing operations	$	1.49	$	0.94	$	—	$	2.70
Net income (loss) from discontinued operations	0.05		(1.06)		(1.02)		(1.34)
Net income (loss) attributable to common unitholders	$	1.54	$	(0.12)	$	(1.02)	$	1.36
Net income (loss) per common unit – diluted
Net income from continuing operations	$	0.77	$	0.94	$	—	$	1.93
Net income (loss) from discontinued operations	0.02		(1.06)		(1.02)		(0.85)
Net income (loss) attributable to common unitholders	$	0.79	$	(0.12)	$	(1.02)	$	1.08
Denominator for net income (loss) per common unit – basic	24,874,281		25,011,142		24,844,114		24,947,814
Effect of dilutive securities:

Unvested restricted common units	66,671		—		—		755
SPLP Preferred Units	27,126,430		—		—		14,656,244
Denominator for net income (loss) per common unit – diluted (a), (b)	52,067,382		25,011,142		24,844,114		39,604,813

(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 September 30, 2019, the diluted per unit calculation does not include the potential impact of 15,482,984 SPLP Preferred Units and 1,885 of unvested restricted common units, since the impact would have been anti-dilutive. For the nine months ended September 30, 2020, the diluted per unit calculation does not include the potential impact of 29,344,885 SPLP Preferred Units and 22,224 of unvested restricted common units, since the impact would have been anti-dilutive.