Earnings Per OP Unit of MAALP

3 Months Ended

Mar. 31, 2021

3.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. 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, 2021 and 2020, 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,
	2021			2020
Calculation of Earnings per common unit - basic
Net income	$	48,864		$	37,952
Unvested restricted stock (allocation of earnings)		(54	)		(50	)
Preferred unit distributions		(922	)		(922	)
Net income available for MAALP common unitholders, adjusted	$	47,888		$	36,980

Weighted average common units - basic		118,318			118,176
Earnings per common unit - basic	$	0.40		$	0.31

Calculation of Earnings per common unit - diluted
Net income	$	48,864		$	37,952
Preferred unit distributions		(922	)		(922	)
Net income available for MAALP common unitholders, adjusted	$	47,942		$	37,030

Weighted average common units - basic		118,318			118,176
Effect of dilutive securities		312			383
Weighted average common units - diluted		118,630			118,559
Earnings per common unit - diluted	$	0.40		$	0.31