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Earnings Per OP Unit of MAALP
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2018 and 2017 is presented below (dollars and units in thousands, except per unit amounts):

 
Three months ended June 30,
 
Six months ended June 30,
 
2018
 
2017
 
2018
 
2017
Common Units Outstanding
 
 
 
 
 
 
 
Weighted average common units - basic
117,783

 
117,619

 
117,754

 
117,589

Effect of dilutive securities
207

 
211

 
174

 
279

Weighted average common units - diluted
117,990

 
117,830

 
117,928

 
117,868

 
 
 
 
 
 
 
 
Calculation of Earnings per Common Unit - basic
 
 
 
 
 

 
 

Net income
$
61,981

 
$
50,155

 
$
112,801

 
$
93,571

Unvested restricted stock (allocation of earnings)
(78
)
 
(76
)
 
(142
)
 
(149
)
Preferred unit distributions
(922
)
 
(922
)
 
(1,844
)
 
(1,844
)
Net income available for common unitholders, adjusted
$
60,981

 
$
49,157

 
$
110,815

 
$
91,578

 
 
 
 
 
 
 
 
Weighted average common units - basic
117,783

 
117,619

 
117,754

 
117,589

Earnings per common unit - basic
$
0.52

 
$
0.42

 
$
0.94

 
$
0.78

 
 
 
 
 
 
 
 
Calculation of Earnings per Common Unit - diluted
 
 
 
 
 

 
 

Net income
$
61,981

 
$
50,155

 
$
112,801

 
$
93,571

Preferred unit distributions
(922
)
 
(922
)
 
(1,844
)
 
(1,844
)
Net income available for common unitholders, adjusted
$
61,059

 
$
49,233

 
$
110,957

 
$
91,727

 
 
 
 
 
 
 
 
Weighted average common units - diluted
117,990

 
117,830

 
117,928

 
117,868

Earnings per common unit - diluted
$
0.52

 
$
0.42

 
$
0.94

 
$
0.78