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Earnings Per OP Unit of MAALP (Tables)
9 Months Ended
Sep. 30, 2020
Earnings Per Share [Abstract]  
Schedule of Diluted Earnings per Common Unit

For the three and nine months ended September 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 September 30,

 

 

Nine months ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Calculation of Earnings per common unit - basic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

62,036

 

 

$

81,459

 

 

$

177,716

 

 

$

211,558

 

Unvested restricted stock (allocation of earnings)

 

 

(78

)

 

 

(118

)

 

 

(229

)

 

 

(302

)

Preferred unit distributions

 

 

(922

)

 

 

(922

)

 

 

(2,766

)

 

 

(2,766

)

Net income available for MAALP common unitholders, adjusted

 

$

61,036

 

 

$

80,419

 

 

$

174,721

 

 

$

208,490

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common units - basic

 

 

118,274

 

 

 

117,958

 

 

 

118,238

 

 

 

117,910

 

Earnings per common unit - basic

 

$

0.52

 

 

$

0.68

 

 

$

1.48

 

 

$

1.77

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calculation of Earnings per common unit - diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

62,036

 

 

$

81,459

 

 

$

177,716

 

 

$

211,558

 

Preferred unit distributions

 

 

(922

)

 

 

(922

)

 

 

(2,766

)

 

 

(2,766

)

Net income available for MAALP common unitholders, adjusted

 

$

61,114

 

 

$

80,537

 

 

$

174,950

 

 

$

208,792

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common units - basic

 

 

118,274

 

 

 

117,958

 

 

 

118,238

 

 

 

117,910

 

Effect of dilutive securities

 

 

252

 

 

 

260

 

 

 

310

 

 

 

238

 

Weighted average common units - diluted

 

 

118,526

 

 

 

118,218

 

 

 

118,548

 

 

 

118,148

 

Earnings per common unit - diluted

 

$

0.52

 

 

$

0.68

 

 

$

1.48

 

 

$

1.77