Basic earnings per common unit is computed using the two-class method 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. Both the unvested restricted unit awards and other potentially dilutive common units, and the related impact to earnings, are considered when calculating earnings per common unit on a diluted basis with diluted earnings per common unit being the more dilutive of the treasury stock or two-class methods.

For the year ended December 31, 2024, MAALP’s diluted earnings per common unit was computed using the two-class method, and for the years ended December 31, 2023 and 2022, MAALP’s diluted earnings per common unit was computed using the treasury stock method, as presented below (dollars and units in thousands, except per unit amounts):


Calculation of Earnings per common unit - basic	2024			2023			2022
Net income	$	541,576		$	567,831		$	654,776
Net (income) loss attributable to noncontrolling interests		—			(62	)		293
Unvested restricted units (allocation of earnings)		(75	)		(224	)		(438	)
Distributions to MAALP Series I preferred unitholders		(3,688	)		(3,688	)		(3,688	)
Net income available for MAALP common unitholders, adjusted	$	537,813		$	563,857		$	650,943

Weighted average common units - basic		119,875			119,674			118,538
Earnings per common unit - basic	$	4.49		$	4.71		$	5.49

Calculation of Earnings per common unit - diluted
Net income	$	541,576		$	567,831		$	654,776
Net (income) loss attributable to noncontrolling interests		—			(62	)		293
Unvested restricted units (allocation of earnings)		(75	)		—			—
Distributions to MAALP Series I preferred unitholders		(3,688	)		(3,688	)		(3,688	)
Net income available for MAALP common unitholders, adjusted	$	537,813		$	564,081		$	651,381

Weighted average common units - basic		119,875			119,674			118,538
Effect of dilutive securities		—			124			239
Weighted average common units - diluted		119,875			119,798			118,777
Earnings per common unit - diluted	$	4.49		$	4.71		$	5.48