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 June 30,
	2018						2017
	Basic			Diluted			Basic			Diluted
Numerator
Net income	$	13,136		$	13,136		$	7,698		$	7,698
Net income attributable to noncontrolling interests		(21	)		(21	)		(8	)		(8	)
Nonforfeitable dividends allocated to unvested restricted unitholders		(86	)		(86	)		(73	)		(73	)
Preferred unit dividends		-			-			(307	)		(307	)
Preferred unit redemption charge		-			-			(3,181	)		(3,181	)
Net income attributable to common unitholders	$	13,029		$	13,029		$	4,129		$	4,129
Denominator
Weighted-average units outstanding		180,027,354			180,027,354			176,813,099			176,813,099
Contingent securities/Share based compensation		-			1,144,781			-			1,423,298
Total weighted-average units outstanding		180,027,354			181,172,135			176,813,099			178,236,397
Earnings per Common Partnership Unit:
Net income attributable to common unitholders	$	0.07		$	0.07		$	0.02		$	0.02

	Six-month periods ended June 30,
	2018						2017
	Basic			Diluted			Basic			Diluted
Numerator
Net income	$	57,841		$	57,841		$	28,969		$	28,969
Net income attributable to noncontrolling interests		(26	)		(26	)		(13	)		(13	)
Nonforfeitable dividends allocated to unvested restricted unitholders		(200	)		(200	)		(172	)		(172	)
Preferred unit dividends		-			-			(2,032	)		(2,032	)
Preferred unit redemption charge		-			-			(3,181	)		(3,181	)
Net income attributable to common unitholders	$	57,615		$	57,615		$	23,571		$	23,571
Denominator
Weighted-average units outstanding		179,951,759			179,951,759			176,735,363			176,735,363
Contingent securities/Share based compensation		-			1,268,730			-			1,224,816
Total weighted-average units outstanding		179,951,759			181,220,489			176,735,363			177,960,179
Earnings per Common Partnership Unit:
Net income attributable to common unitholders	$	0.32		$	0.32		$	0.13		$	0.13

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- and six-month periods ended June 30, 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 May 23, 2018, the Operating Partnership declared a distribution of $0.18 per common partnership unit, totaling $32.5 million, which was paid on July 20, 2018 to unitholders of record as of July 6, 2018.

Preferred Mirror Partnership Units

Of the 20,000,000 units authorized, none were outstanding as of June 30, 2018 or June 30, 2017.