Net Income Per Operating Partnership Unit - (Tables)

6 Months Ended

Jun. 30, 2019

Net Income and Number of Operating Partnership Units Used in the Calculation of Basic and Diluted Income Per 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 per share has not been presented for the Class B shareholder as the Class B share is not entitled to any economic rights in the Company.



	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
	(in thousands, except share amounts)
Numerator:
Income from continuing operations	$	67,769		$	48,059		$	117,917		$	106,228
Income from continuing operations attributable to noncontrolling interest	(45,911		)	(34,913		)	(80,886		)	(77,252		)
Income from continuing operations attributable to Class A shares - basic and diluted	21,858			13,146			37,031			28,976
Income from discontinued operations	—			—			16,216			—
Income from discontinued operations attributable to noncontrolling interest	—			—			(11,434		)	—
Income from discontinued operations attributable to Class A shares - basic and diluted	—			—			4,782			—
Net income attributable to Class A shares - basic and diluted	$	21,858		$	13,146		$	41,813		$	28,976
Denominator:
Weighted average Class A shares outstanding ⁽¹⁾ - basic	91,011,559			70,993,091			87,544,627			70,982,243
Effect of dilutive shares for diluted net income per Class A share ^{(2) (3)}	196,839			191,905			228,087			176,342
Weighted average Class A shares outstanding ⁽¹⁾ - diluted	91,208,398			71,184,996			87,772,714			71,158,585

(1) Includes weighted average deferred share units granted to certain members of the board of directors.

(2) No shares related to outstanding share-based compensation awards were excluded due to being antidilutive.

(3) Diluted net income per Class A share does not assume conversion of the Operating Partnership units held by MGM as such conversion would be antidilutive.

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.



	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
	(in thousands, except share amounts)
Numerator:
Income from continuing operations	$	67,769	$	48,059	$	117,917	$	106,228
Income from discontinued operations	—		—		16,216		—
Net income - basic and diluted	$	67,769	$	48,059	$	134,133	$	106,228
Denominator:
Weighted average Operating Partnership units outstanding ⁽¹⁾ - basic	290,714,102		266,127,214		289,537,067		266,116,366
Effect of dilutive shares for diluted net income per Operating Partnership unit ⁽²⁾	196,839		191,905		228,087		176,342
Weighted average Operating Partnership units outstanding ⁽¹⁾ - diluted	290,910,941		266,319,119		289,765,154		266,292,708

(1) Includes weighted average deferred share units granted to certain members of the Board of Directors.

(2) No shares related to outstanding share-based compensation awards were excluded due to being antidilutive.