Earnings Per OP Unit of MAALP (Tables)

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Schedule of Diluted Earnings per Common Unit

For the three and six months ended June 30, 2020 and 2019, 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 June 30,						Six months ended June 30,
	2020			2019			2020			2019
Calculation of Earnings per common unit - basic
Net income	$	77,728		$	64,141		$	115,680		$	130,099
Unvested restricted stock (allocation of earnings)		(100	)		(96	)		(151	)		(184	)
Preferred unit distributions		(922	)		(922	)		(1,844	)		(1,844	)
Net income available for MAALP common unitholders, adjusted	$	76,706		$	63,123		$	113,685		$	128,071
Weighted average common units - basic		118,263			117,935			118,220			117,886
Earnings per common unit - basic	$	0.65		$	0.53		$	0.96		$	1.09
Calculation of Earnings per common unit - diluted
Net income	$	77,728		$	64,141		$	115,680		$	130,099
Preferred unit distributions		(922	)		(922	)		(1,844	)		(1,844	)
Net income available for MAALP common unitholders, adjusted	$	76,806		$	63,219		$	113,836		$	128,255
Weighted average common units - basic		118,263			117,935			118,220			117,886
Effect of dilutive securities		234			249			324			211
Weighted average common units - diluted		118,497			118,184			118,544			118,097
Earnings per common unit - diluted	$	0.65		$	0.53		$	0.96		$	1.09