Income per Unit

3 Months Ended

Mar. 31, 2022

Following is a reconciliation of the basic and diluted income (loss) per unit computations ($ in thousands, except unit and per unit data):


	Quarter Ended March 31,
		2022		2021
Numerator:
Net income (loss) from continuing operations attributable to MIH		$	11,142	$	(6,867)
Interest expense attributable to 2.00% Convertible Senior Notes, net of taxes		27		—
Diluted net income (loss) from continuing operations attributable to MIH		$	11,169	$	(6,867)
Basic and diluted net income from discontinued operations attributable to MIH		$	—	$	20,067
Denominator:
Weighted average number of units outstanding: basic		88,494,560		87,411,455
Dilutive effect of restricted stock unit grants(1)		254,541		—

Dilutive effect of 2.00% Convertible Senior Notes		1,111,293		—
Weighted average number of units outstanding: diluted		89,860,394		87,411,455

___________

(1) Dilutive effect of restricted stock unit grants includes grants to certain employees of the Company's operating businesses under the 2016 Omnibus Employee Incentive Plan.


	Quarter Ended March 31,
		2022		2021
Income per unit:
Basic income (loss) per unit from continuing operations attributable to MIH		$	0.13	$	(0.08)
Basic income per unit from discontinued operations attributable to MIH		—		0.23
Basic income per unit attributable to MIH		$	0.13	$	0.15

Diluted income (loss) per unit from continuing operations attributable to MIH		$	0.12	$	(0.08)
Diluted income per unit from discontinued operations attributable to MIH		—		0.23
Diluted income per unit attributable to MIH		$	0.12	$	0.15

The following represents the weighted average potential dilutive units of common units that were excluded from the diluted income per unit calculation:


	Quarter Ended March 31,
		2022	2021
Restricted unit grants		—	83,843

2.00% Convertible Senior Notes(1)		—	4,175,825
Total		—	4,259,668

___________

(1)During the quarter ended March 31, 2021, the Company repurchased $358.6 million in aggregate principal amount of its 2.00% Convertible Senior Notes ("Notes"). For the quarter ended March 31, 2021, the weighted average units reflect the “if-converted” dilutive impact to common units for the repurchased Notes for the period that the Notes were outstanding and the impact of the increase to the conversion rate following the special dividend pertaining to the IMTT Transaction paid on January 8, 2021. See Note 8, “Long-Term Debt”, for further discussion.