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Earnings Per OP Unit of MAALP
 3 Months Ended
Mar. 31, 2018
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 months ended March 31, 2018 and 2017 is presented below (dollars and units in thousands, except per unit amounts):

 
Three months ended March 31,
 
2018
 
2017
Common Units Outstanding
 
 
 
Weighted average common units - basic
117,689

 
117,557

Effect of dilutive securities
—

(1) 
307

Weighted average common units - diluted
117,689

 
117,864

 
 
 
 
Calculation of Earnings per Common Unit - basic
 
 
 
Net income
$
50,820

 
$
43,416

Unvested restricted stock (allocation of earnings)
(79
)
 
(73
)
Preferred unit distributions
(922
)
 
(922
)
Net income available for common unitholders, adjusted
$
49,819

 
$
42,421

 
 
 
 
Weighted average common units - basic
117,689

 
117,557

Earnings per common unit - basic
$
0.42

 
$
0.36

 
 
 
 
Calculation of Earnings per Common Unit - diluted
 
 
 
Net income
$
50,820

 
$
43,416

Unvested restricted stock (allocation of earnings)
(79
)
(1) 
—

Preferred unit distributions
(922
)
 
(922
)
Net income available for common unitholders, adjusted
$
49,819

 
$
42,494

 
 
 
 
Weighted average common units - diluted
117,689

 
117,864

Earnings per common unit - diluted
$
0.42

 
$
0.36



(1) For the three months ended March 31, 2018, 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.