The following table sets forth a reconciliation of the numerators and denominators in computing earnings per unit for the years ended December 31, 2011, 2010 and 2009 (in thousands, except per unit amounts):
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2011 |
|
2010 |
|
2009 |
NUMERATOR |
|
|
|
|
|
|
Income from continuing operations available to partners of the Operating Partnership |
|
$ |
50,997 |
|
|
$ |
38,342 |
|
|
$ |
72,709 |
|
Applicable preferred unit distributions |
|
— |
|
|
(5,297 |
) |
|
(5,625 |
) |
Original issuance costs related to redeemed preferred units |
|
— |
|
|
(2,539 |
) |
|
— |
|
Allocation of earnings to participating securities |
|
(684 |
) |
|
(598 |
) |
|
(747 |
) |
Income from continuing operations available to common unitholders of the Operating Partnership |
|
50,313 |
|
|
29,908 |
|
|
66,337 |
|
Allocation of earnings to discontinued operations |
|
— |
|
|
— |
|
|
46 |
|
Discontinued operations |
|
— |
|
|
(98 |
) |
|
(5,214 |
) |
Net income available to common unitholders of the Operating Partnership |
|
$ |
50,313 |
|
|
$ |
29,810 |
|
|
$ |
61,169 |
|
DENOMINATOR |
|
|
|
|
|
|
Basic weighted average common units |
|
23,723 |
|
|
23,080 |
|
|
20,991 |
|
Effect of notional units |
|
241 |
|
|
— |
|
|
— |
|
Effect of exchangeable notes |
|
23 |
|
|
28 |
|
|
9 |
|
Effect of outstanding options |
|
18 |
|
|
23 |
|
|
39 |
|
Diluted weighted average common units |
|
24,005 |
|
|
23,131 |
|
|
21,039 |
|
|
|
|
|
|
|
|
Basic earnings per common unit: |
|
|
|
|
|
|
Income from continuing operations |
|
$ |
2.12 |
|
|
$ |
1.29 |
|
|
$ |
3.16 |
|
Discontinued operations |
|
— |
|
|
— |
|
|
(0.25 |
) |
Net income |
|
$ |
2.12 |
|
|
$ |
1.29 |
|
|
$ |
2.91 |
|
|
|
|
|
|
|
|
Diluted earnings per common unit: |
|
|
|
|
|
|
Income from continuing operations |
|
$ |
2.10 |
|
|
$ |
1.29 |
|
|
$ |
3.15 |
|
Discontinued operations |
|
— |
|
|
— |
|
|
(0.24 |
) |
Net income |
|
$ |
2.10 |
|
|
$ |
1.29 |
|
|
$ |
2.91 |
|
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