Net Income Available to Common Unitholders Per Unit of the Operating Partnership (Tables)

The following table reconciles the numerator and denominator in computing the Company’s basic and diluted per-share computations for net income available to common stockholders for the years ended December 31, 2015, 2014 and 2013:



	Year Ended December 31,
	2015			2014			2013
	(in thousands, except unit and per unit amounts)
Numerator:
Income from continuing operations	$	238,604		$	59,313		$	14,935
Income from continuing operations attributable to noncontrolling interests	(4,523		)	(966		)	(36		)
Preferred dividends and distributions	(13,250		)	(13,250		)	(13,250		)
Allocation to participating securities ⁽¹⁾	(1,634		)	(1,699		)	(1,689		)
Numerator for basic and diluted income (loss) from continuing operations available to common stockholders	219,197			43,398			(40		)
Income from discontinued operations ⁽²⁾	—			124,495			29,630
Income from discontinued operations attributable to noncontrolling common units of the Operating Partnership ⁽²⁾	—			(2,623		)	(649		)
Numerator for basic and diluted net income available to common stockholders	$	219,197		$	165,270		$	28,941
Denominator:
Basic weighted average vested shares outstanding	89,854,096			83,090,235			77,343,853
Effect of dilutive securities – contingently issuable shares and stock options	541,679			1,877,485			—
Diluted weighted average vested shares and common stock equivalents outstanding	90,395,775			84,967,720			77,343,853
Basic earnings per share:
Income from continuing operations available to common stockholders per share	$	2.44		$	0.52		$	0.00
Income from discontinued operations per share of common stock ⁽²⁾	—			1.47			0.37
Net income available to common stockholders per share	$	2.44		$	1.99		$	0.37
Diluted earnings per share:
Income from continuing operations available to common stockholders per share	$	2.42		$	0.51		$	0.00
Income from discontinued operations per share of common stock ⁽²⁾	—			1.44			0.37
Net income available to common stockholders per share	$	2.42		$	1.95		$	0.37

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(1)	Participating securities include nonvested shares, certain time-based RSUs and vested market measure-based RSUs.

The following table reconciles the numerator and denominator in computing the Operating Partnership’s basic and diluted per-unit computations for net income available to common unitholders for the years ended December 31, 2015, 2014 and 2013:



	Year Ended December 31,
	2015			2014			2013
	(in thousands, except unit and per unit amounts)
Numerator:
Income from continuing operations	$	238,604		$	59,313		$	14,935
Income from continuing operations attributable to noncontrolling interests in consolidated subsidiaries	(467		)	(247		)	(225		)
Preferred distributions	(13,250		)	(13,250		)	(13,250		)
Allocation to participating securities ⁽¹⁾	(1,634		)	(1,699		)	(1,689		)
Numerator for basic and diluted income (loss) from continuing operations available to common unitholders	223,253			44,117			(229		)
Income from discontinued operations ⁽²⁾	—			124,495			29,630
(Income) loss from discontinued operations attributable to noncontrolling interests in consolidated subsidiaries ⁽²⁾	—			(13		)	1
Numerator for basic and diluted net income available to common unitholders	$	223,253		$	168,599		$	29,402
Denominator:
Basic weighted average vested units outstanding	91,645,578			84,894,498			79,166,260
Effect of dilutive securities - contingently issuable shares and stock options	541,679			1,877,485			—
Diluted weighted average vested units and common unit equivalents outstanding	92,187,257			86,771,983			79,166,260
Basic earnings per unit:
Income from continuing operations available to common unitholders per unit	$	2.44		$	0.52		$	0.00
Income from discontinued operations per common unit ⁽²⁾	—			1.47			0.37
Net income available to common unitholders per unit	$	2.44		$	1.99		$	0.37
Diluted earnings per unit:
Income from continuing operations available to common unitholders per unit	$	2.42		$	0.51		$	0.00
Income from discontinued operations per common unit ⁽²⁾	—			1.43			0.37
Net income available to common unitholders per unit	$	2.42		$	1.94		$	0.37

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(1)	Participating securities include nonvested shares, certain time-based RSUs and vested market measure-based RSUs.


(2)	The Operating Partnership adopted ASU 2014-08 effective January 1, 2015 (see Note 2 “Basis of Presentation and Significant Accounting Policies” for additional information). As a result, properties classified as held for sale and/or disposed of subsequent to January 1, 2015 that do not represent a strategic shift are no longer presented as discontinued operations.