Net Income Per Class A Share

3 Months Ended

Mar. 31, 2017

NET INCOME PER CLASS A SHARE

The table below provides net income and the number of Class A shares used in the computations of “basic” net income per share, which utilizes the weighted-average number of Class A shares outstanding without regard to dilutive potential Class A shares, and “diluted” net income per share, which includes all such shares. Net income attributable to Class A shares, weighted average Class A shares outstanding and the effect of dilutive securities outstanding are presented for the three months ended March 31, 2017. Net income per share has not been presented for the Class B shareholder as the Class B share is not entitled to any economic rights.



	Three Months Ended March 31,
	2017
	(in thousands, except share and per share amounts)
Basic net income per share
Numerator:
Net income attributable to Class A shares	$	11,348
Denominator:
Basic weighted average Class A shares outstanding	57,506,195
Basic net income per Class A share	$	0.20

	Three Months Ended March 31,
	2017
	(in thousands, except share and per share amounts)
Diluted net income per share
Numerator:
Net income attributable to Class A shares	$	11,348
Denominator:
Basic weighted average Class A shares outstanding	57,506,195
Effect of dilutive shares for diluted net income per Class A share	278,045
Weighted average shares for diluted net income per Class A share	57,784,240
Diluted net income per Class A share	$	0.20

NET INCOME PER OPERATING PARTNERSHIP UNIT

The table below provides net income and the number of Operating Partnership units used in the computations of “basic” net income per Operating Partnership unit, which utilizes the weighted-average number of Operating Partnership units outstanding without regard to dilutive potential Operating Partnership units, and “diluted” net income per Operating Partnership units, which includes all such Operating Partnership units. Net income attributable to Operating Partnership units, weighted average Operating Partnership units outstanding and the effect of dilutive securities outstanding are presented for the three months ended March 31, 2017.



	Three Months Ended March 31,
	2017
	(in thousands, except unit and per unit amounts)
Basic net income per Operating Partnership unit
Numerator:
Net income	$	46,692
Denominator:
Basic weighted average Operating Partnership units outstanding	242,868,331
Basic net income per Operating Partnership unit	$	0.19

	Three Months Ended March 31,
	2017
	(in thousands, except unit and per unit amounts)
Diluted net income per Operating Partnership unit
Numerator:
Net income	$	46,692
Denominator:
Basic weighted average Operating Partnership units outstanding	242,868,331
Effect of dilutive shares for diluted net income per Operating Partnership unit	278,045
Weighted average shares for diluted net income per Operating Partnership unit	243,146,376
Diluted net income per Operating Partnership unit	$	0.19