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 three months ended March 31, 2025 and 2024, 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):


	Three months ended March 31,
	2025			2024
Calculation of Earnings per common unit - basic
Net income	$	186,406		$	147,610
Unvested restricted units (allocation of earnings)		(96	)		(62	)
Distributions to MAALP Series I preferred unitholders		(922	)		(922	)
Net income available for MAALP common unitholders, adjusted	$	185,388		$	146,626

Weighted average common units - basic		119,913			119,806
Earnings per common unit - basic	$	1.55		$	1.22

Calculation of Earnings per common unit - diluted
Net income	$	186,406		$	147,610
Distributions to MAALP Series I preferred unitholders		(922	)		(922	)
Net income available for MAALP common unitholders, adjusted	$	185,484		$	146,688

Weighted average common units - basic		119,913			119,806
Effect of dilutive securities		252			112
Weighted average common units - diluted		120,165			119,918
Earnings per common unit - diluted	$	1.54		$	1.22