Earnings Per OP Unit of MAALP (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Diluted Earnings per Common Unit

For the years ended December 31, 2019, 2018 and 2017, 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):

	2019			2018			2017
Calculation of Earnings per common unit - basic
Net income	$	366,618		$	231,022		$	340,536
Net income attributable to noncontrolling interests		(136	)		—			—
Unvested restricted stock (allocation of earnings)		(519	)		(291	)		(535	)
Preferred unit distributions		(3,688	)		(3,688	)		(3,688	)
Net income available for MAALP common unitholders, adjusted	$	362,275		$	227,043		$	336,313

Weighted average common units - basic		117,944			117,777			117,617
Earnings per common unit - basic	$	3.07		$	1.93		$	2.86

Calculation of Earnings per common unit - diluted
Net income	$	366,618		$	231,022		$	340,536
Net income attributable to noncontrolling interests		(136	)		—			—
Preferred unit distributions		(3,688	)		(3,688	)		(3,688	)
Net income available for MAALP common unitholders, adjusted	$	362,794		$	227,334		$	336,848

Weighted average common units - basic		117,944			117,777			117,617
Effect of dilutive securities		259			198			280
Weighted average common units - diluted		118,203			117,975			117,897
Earnings per common unit - diluted	$	3.07		$	1.93		$	2.86