Net Income (Loss) Per Common Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Net Income (Loss) Per Common Share

Net Income per Common Share or Common Unit

Basic net income per common share or Common Unit is computed by dividing net income attributable to common shareholders or common unitholders, less dividends or distributions on share-based awards expected to vest (referred to as "participating securities" and primarily composed of unvested restricted stock units), by the weighted average number of common shares or Common Units outstanding for the period.

Diluted net income per common share is computed by dividing the sum of net income attributable to common shareholders and the noncontrolling interest in earnings allocable to Limited Partner Units (to the extent the Limited Partner Units are dilutive), less dividends or distributions on participating securities that are anti-dilutive, by the sum of the weighted average number of common shares outstanding and, to the extent they are dilutive, weighted average number of Limited Partner Units outstanding and any potential dilutive securities for the period. Diluted net income per Common Unit is computed by dividing the net income attributable to common unitholders, less dividends or distributions on participating securities that are anti-dilutive, by the sum of the weighted average number of Common Units outstanding and any potential dilutive securities for the period. The following table reconciles the components of basic and diluted net income per common share or Common Unit (in thousands): 

	Three Months Ended March 31,
	2021		2020
General Partner
Net income attributable to common shareholders	$	79,362	$	19,456
Less: dividends on participating securities	(371)		(356)
Basic net income attributable to common shareholders	$	78,991	$	19,100
Add back dividends on dilutive participating securities	—		—
Noncontrolling interest in earnings of common unitholders	761		170
Diluted net income attributable to common shareholders	$	79,752	$	19,270
Weighted average number of common shares outstanding	373,667		368,190
Weighted average Limited Partner Units outstanding	3,575		3,224
Other potential dilutive shares	502		456
Weighted average number of common shares and potential dilutive securities	377,744		371,870
Partnership
Net income attributable to common unitholders	$	80,123	$	19,626
Less: distributions on participating securities	(371)		(356)
Basic net income attributable to common unitholders	$	79,752	$	19,270
Add back distributions on dilutive participating securities	—		—
Diluted net income attributable to common unitholders	$	79,752	$	19,270
Weighted average number of Common Units outstanding	377,242		371,414
Other potential dilutive units	502		456
Weighted average number of Common Units and potential dilutive securities	377,744		371,870

The following table summarizes the data that is excluded from the computation of net income per common share or Common Unit as a result of being anti-dilutive (in thousands): 

	Three Months Ended March 31,
	2021	2020
General Partner and Partnership
Other potential dilutive shares or units:
Anti-dilutive outstanding potential shares or units under fixed stock option and other stock-based compensation plans	—	—
Anti-dilutive outstanding participating securities	1,568	1,647