XML 37 R13.htm IDEA: XBRL DOCUMENT v3.3.1.900
Earnings Per OP Unit of MAALP
 12 Months Ended
Dec. 31, 2015
Earnings per unit of MAA LP [Abstract]  
Earnings per OP Unit
EARNINGS PER OP UNIT OF MAALP

Basic earnings per OP Unit is computed by dividing net income available for common unitholders by the weighted average number of units outstanding during the period. All outstanding unvested restricted unit awards contain rights to non-forfeitable distributions and participate in undistributed earnings with common unitholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per OP unit. Diluted earnings per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units.

A reconciliation of the numerators and denominators of the basic and diluted earnings per OP unit computations for the years ended December 31, 2015, 2014, and 2013 is presented below:

(dollars and units in thousands, except per unit amounts)
Years ended December 31,
 
2015
 
2014
 
2013
Units Outstanding
 
 
 
 
 
Weighted average common units - basic
79,361

 
79,188

 
53,075

Effect of dilutive securities
—

(1) 
—

(1) 
88

Weighted average common units - diluted
79,361

 
79,188

 
53,163

 
 
 
 
 
 
Calculation of Earnings per Unit - basic
 

 
 

 
 

Income from continuing operations
$
350,745

 
$
150,946

 
$
37,692

Income from continuing operations allocated to unvested restricted shares
(772
)
 
(278
)
 
(33
)
Income from continuing operations available for common unitholders, adjusted
$
349,973

 
$
150,668

 
$
37,659

 
 
 
 
 
 
Income from discontinued operations
$
—

 
$
5,331

 
$
69,852

Income from discontinued operations allocated to unvested restricted shares
—

 
(10
)
 
(62
)
Income from discontinued operations available for common unitholders, adjusted
$
—

 
$
5,321

 
$
69,790

 
 
 
 
 
 
Weighted average common units - basic
79,361

 
79,188

 
53,075

Earnings per unit - basic:
$
4.41

 
$
1.97

 
$
2.02

 
 
 
 
 
 
Calculation of Earnings per Unit - diluted
 

 
 

 
 

Income from continuing operations
$
350,745

 
$
150,946

 
$
37,692

Income from continuing operations allocated to unvested restricted shares
(772
)
(1) 
(278
)
(1) 
—

Income from continuing operations available for common unitholders, adjusted
$
349,973

 
$
150,668

 
$
37,692

 
 
 
 
 
 
Income from discontinued operations
$
—

 
$
5,331

 
$
69,852

Income from discontinued operations allocated to unvested restricted shares
—

(1) 
(10
)
(1) 
—

Income from discontinued operations available for common unitholders, adjusted
$
—

 
$
5,321

 
$
69,852

 
 
 
 
 
 
Weighted average common units - diluted
79,361

 
79,188

 
53,163

Earnings per unit - diluted:
$
4.41

 
$
1.97

 
$
2.02


(1) For both the years ended December 31, 2015 and 2014, 0.1 million potentially dilutive securities and their related income are not included in the diluted earnings per unit calculations as they are not dilutive.