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Earnings Per OP Unit of MAALP
 6 Months Ended
Jun. 30, 2017
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 OP 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 three and six months ended June 30, 2017 and 2016 is presented below:

(dollars and units in thousands, except per unit amounts)
Three months ended June 30,
 
Six months ended June 30,
 
 
2017
 
2016
 
2017
 
2016
 
Units Outstanding
 
 
 
 
 
 
 
 
Weighted average common units - basic
117,619

 
79,436

 
117,589

 
79,424

 
Effect of dilutive securities
211

 
—

(1) 
279

 
239

 
Weighted average common units - diluted
117,830

 
79,436

 
117,868

 
79,663

 
 
 
 
 
 
 
 
 
 
Calculation of Earnings per Unit - basic
 
 
 
 
 

 
 

 
Net Income
$
50,155

 
$
47,630

 
$
93,571

 
$
93,438

 
Unvested restricted stock (allocation of earnings)
(76
)
 
(134
)
 
(149
)
 
(237
)
 
Preferred unit distributions
(922
)
 
—

 
(1,844
)
 
—

 
Net income available for common unitholders, adjusted
$
49,157

 
$
47,496

 
$
91,578

 
$
93,201

 
 
 
 
 
 
 
 
 
 
Weighted average common units - basic
117,619

 
79,436

 
117,589

 
79,424

 
Earnings per common unit - basic
$
0.42

 
$
0.60

 
$
0.78

 
$
1.17

 
 
 
 
 
 
 
 
 
 
Calculation of Earnings per Unit - diluted
 
 
 
 
 

 
 

 
Net Income
$
50,155

 
$
47,630

 
$
93,571

 
$
93,438

 
Unvested restricted stock (allocation of earnings)
—

 
(134
)
(1) 
—

 
—

 
Preferred unit distributions
(922
)
 
—

 
(1,844
)
 
—

 
Net income available for common unitholders, adjusted
$
49,233

 
$
47,496

 
$
91,727

 
$
93,438

 
 
 
 
 
 
 
 
 
 
Weighted average common units - diluted
117,830

 
79,436

 
117,868

 
79,663

 
Earnings per common unit - diluted
$
0.42

 
$
0.60

 
$
0.78

 
$
1.17

 


(1) For the three months ended June 30, 2016, 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.