Partners Equity of The Operating Partnership

9 Months Ended

Sep. 30, 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 September 30,
	2018						2017
	Basic			Diluted			Basic			Diluted
Numerator
Net income (loss)	$	(43,262	)	$	(43,262	)	$	19,046		$	19,046
Net income attributable to noncontrolling interests		(20	)		(20	)		(12	)		(12	)
Nonforfeitable dividends allocated to unvested restricted unitholders		(80	)		(80	)		(73	)		(73	)
Net income (loss) attributable to common unitholders	$	(43,362	)	$	(43,362	)	$	18,961		$	18,961
Denominator
Weighted-average units outstanding		180,082,421			180,082,421			176,913,456			176,913,456
Contingent securities/Share based compensation		-			-			-			1,401,365
Total weighted-average units outstanding		180,082,421			180,082,421			176,913,456			178,314,821
Earnings (loss) per Common Partnership Unit:
Net income (loss) attributable to common unitholders	$	(0.24	)	$	(0.24	)	$	0.11		$	0.11

	Nine-month periods ended September 30,
	2018						2017
	Basic			Diluted			Basic			Diluted
Numerator
Net income	$	14,579		$	14,579		$	48,015		$	48,015
Net income attributable to noncontrolling interests		(46	)		(46	)		(25	)		(25	)
Nonforfeitable dividends allocated to unvested restricted unitholders		(280	)		(280	)		(245	)		(245	)
Preferred unit dividends		-			-			(2,032	)		(2,032	)
Preferred unit redemption charge		-			-			(3,181	)		(3,181	)
Net income attributable to common unitholders	$	14,253		$	14,253		$	42,532		$	42,532
Denominator
Weighted-average units outstanding		179,995,792			179,995,792			176,795,380			176,795,380
Contingent securities/Share based compensation		-			1,236,551			-			1,283,751
Total weighted-average units outstanding		179,995,792			181,232,343			176,795,380			178,079,131
Earnings per Common Partnership Unit
Net income attributable to common unitholders	$	0.08		$	0.08		$	0.24		$	0.24

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 nine-month periods ended September 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 September 11, 2018, the Operating Partnership declared a distribution of $0.18 per common partnership unit, totaling $32.5 million, which was paid on October 18, 2018 to unitholders of record as of October 4, 2018.

Preferred Mirror Partnership Units

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