Earnings per OP Unit of MAALP

Basic earnings per common 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 common unit. Diluted earnings per common 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 common unit computations for the years ended December 31, 2018, 2017 and 2016 is presented below (dollars and units in thousands, except per unit amounts):



	2018			2017			2016
Calculation of Earnings per common unit - basic
Net income	$	231,022		$	340,536		$	224,402
Unvested restricted stock (allocation of earnings)	(291		)	(535		)	(574		)
Preferred unit distributions	(3,688		)	(3,688		)	(307		)
Net income available for common unitholders, adjusted	$	227,043		$	336,313		$	223,521

Weighted average common units - basic	117,777			117,617			82,661
Earnings per common unit - basic	$	1.93		$	2.86		$	2.70
Calculation of Earnings per common unit - diluted
Net income	$	231,022		$	340,536		$	224,402
Preferred unit distributions	(3,688		)	(3,688		)	(307		)
Net income available for common unitholders, adjusted	$	227,334		$	336,848		$	224,095

Weighted average common units - basic	117,777			117,617			82,661
Effect of dilutive securities	198			280			298
Weighted average common units - diluted	117,975			117,897			82,959
Earnings per common unit - diluted	$	1.93		$	2.86		$	2.70