Partners Equity of The Operating Partnership

3 Months Ended

Mar. 31, 2018

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-month periods ended March 31,
	2018						2017
	Basic			Diluted			Basic			Diluted
Numerator
Net income	$	44,705		$	44,705		$	21,271		$	21,271
Net income attributable to noncontrolling interests		(5	)		(5	)		(5	)		(5	)
Preferred unit dividends		-			-			(1,725	)		(1,725	)
Nonforfeitable dividends allocated to unvested restricted unitholders		(114	)		(114	)		(99	)		(99	)
Net income attributable to common unitholders	$	44,586		$	44,586		$	19,442		$	19,442
Denominator
Weighted-average units outstanding		179,875,324			179,875,324			176,656,763			176,656,763
Contingent securities/Share based compensation		-			1,392,786			-			1,024,908
Total weighted-average units outstanding		179,875,324			181,268,110			176,656,763			177,681,671
Earnings per Common Partnership Unit:
Net income attributable to common unitholders	$	0.25		$	0.25		$	0.11		$	0.11

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, 2018 and 2017, earnings representing nonforfeitable dividends as noted in the table above were allocated to the unvested restricted units issued to the Parent Company in connection with awards to the Parent Company’s executives and other employees under the Parent Company's shareholder-approved long-term incentive plan.

Common Partnership Units

On February 28, 2018, the Operating Partnership declared a distribution of $0.18 per common partnership unit, totaling $32.5 million, which was paid on April 18, 2018 to unitholders of record as of April 4, 2018.