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Earnings Per OP Unit of MAALP
 12 Months Ended
Dec. 31, 2016
Earnings Per Unit [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, 2016, 2015, and 2014 is presented below:
(dollars and units in thousands, except per unit amounts)
Years ended December 31,
 
 
2016
 
2015
 
2014
 
Units Outstanding
 
 
 
 
 
 
Weighted average common units - basic
82,661

 
79,361

 
79,188

 
Effect of dilutive securities
298

 
—

(1) 
—

(1) 
Weighted average common units - diluted
82,959

 
79,361

 
79,188

 
 
 
 
 
 
 
 
Calculation of Earnings per Unit - basic
 

 
 

 
 

 
Income from continuing operations
$
224,402

 
$
350,745

 
$
150,946

 
Income from continuing operations allocated to unvested restricted shares
(574
)
 
(772
)
 
(278
)
 
Preferred unit distributions
(307
)
 
—

 
—

 
Income from continuing operations available for common unitholders, adjusted
$
223,521

 
$
349,973

 
$
150,668

 
 
 
 
 
 
 
 
Income from discontinued operations
$
—

 
$
—

 
$
5,331

 
Income from discontinued operations allocated to unvested restricted shares
—

 
—

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

 
$
—

 
$
5,321

 
 
 
 
 
 
 
 
Weighted average common units - basic
82,661

 
79,361

 
79,188

 
Earnings per unit - basic:
$
2.70

 
$
4.41

 
$
1.97

 
 
 
 
 
 
 
 
Calculation of Earnings per Unit - diluted
 

 
 

 
 

 
Income from continuing operations
$
224,402

 
$
350,745

 
$
150,946

 
Income from continuing operations allocated to unvested restricted shares
—

 
(772
)
(1) 
(278
)
(1) 
Preferred unit distributions
(307
)
 
—

 
—

 
Income from continuing operations available for common unitholders, adjusted
$
224,095

 
$
349,973

 
$
150,668

 
 
 
 
 
 
 
 
Income from discontinued operations
$
—

 
$
—

 
$
5,331

 
Income from discontinued operations allocated to unvested restricted shares
—

 
—

 
(10
)
(1) 
Income from discontinued operations available for common unitholders, adjusted
$
—

 
$
—

 
$
5,321

 
 
 
 
 
 
 
 
Weighted average common units - diluted
82,959

 
79,361

 
79,188

 
Earnings per unit - diluted:
$
2.70

 
$
4.41

 
$
1.97

 

(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.