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Earnings Per OP Unit of MAALP
 3 Months Ended
Mar. 31, 2016
Earnings Per OP Unit of MAALP [Abstract]  
Earnings Per Unit [Text Block]
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 unit computations for the three months ended March 31, 2016 and 2015 is presented below:

(dollars and units in thousands, except per unit amounts)
Three months ended March 31,
 
 
2016
 
2015
 
Units Outstanding
 
 
 
 
Weighted average OP Units - basic
75,249

 
79,336

 
Effect of dilutive securities
240

 
—

(1) 
Weighted average OP Units - diluted
75,489

 
79,336

 
 
 
 
 
 
Calculation of Earnings per Unit - basic
 

 
 

 
Income from continuing operations
$
45,808

 
$
64,677

 
Income from continuing operations allocated to unvested restricted common units
(110
)
 
(131
)
 
Income from continuing operations available for common unitholders, adjusted
$
45,698

 
$
64,546

 
 
 
 
 
 
Weighted average OP Units - basic
75,249

 
79,336

 
Earnings per unit - basic
$
0.61

 
$
0.81

 
 
 
 
 
 
Calculation of Earnings per Unit - diluted
 

 
 

 
Income from continuing operations
$
45,808

 
$
64,677

 
Income from continuing operations allocated to unvested restricted common units
—

 
(131
)
(1) 
Income from continuing operations available for common unitholders, adjusted
$
45,808

 
$
64,546

 
 
 
 
 
 
Weighted average OP Units - diluted
75,489

 
79,336

 
Earnings per unit - diluted
$
0.61

 
$
0.81

 

(1) For three months ended March 31, 2015, 0.2 million potentially dilutive securities and their related income are not included in the diluted earnings per share calculations as they are not dilutive.