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Earnings Per Unit of the Operating Partnership | 3 Months Ended
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Mar. 31, 2021
Tanger Properties Limited Partnership [Member] |
Earnings Per Unit of the Operating Partnership | Earnings Per Unit of the Operating Partnership The following table sets forth a reconciliation of the numerators and denominators in computing earnings per unit (in thousands, except per unit amounts):
|  |  |  | Three months ended March 31,
|  |  |  |  |  | 2021 |  | 2020
Numerator: |  |  |  |  |  |  |  |
Net income (loss) attributable to partners of the Operating Partnership |  |  |  |  |  | $ | 4,342 |  |  | $ | (28,309) |
Less allocation of earnings to participating securities |  |  |  |  |  | (207) |  |  | (516) |
Net income (loss) available to common unitholders of the Operating Partnership |  |  |  |  |  | $ | 4,135 |  |  | $ | (28,825) |
Denominator: |  |  |  |  |  |  |  |
Basic weighted average common units |  |  |  |  |  | 99,606 |  |  | 97,411 |
Effect of notional units |  |  |  |  |  | 288 |  |  | — |
Effect of outstanding options |  |  |  |  |  | 717 |  |  | — |
Diluted weighted average common units |  |  |  |  |  | 100,611 |  |  | 97,411 |
Basic earnings per common unit: |  |  |  |  |  |  |  |
Net income (loss) |  |  |  |  |  | $ | 0.04 |  |  | $ | (0.30) |
Diluted earnings per common unit: |  |  |  |  |  |  |  |
Net income (loss) |  |  |  |  |  | $ | 0.04 |  |  | $ | (0.30) |
We determine diluted earnings per unit based on the weighted average number of common units outstanding combined with the incremental weighted average units that would have been outstanding assuming all potentially dilutive securities were converted into common units at the earliest date possible. There were no securities which had a dilutive effect on earnings per common unit for the three months ended March 31, 2021 and 2020. Notional units granted under our equity compensation plan are considered contingently issuable common units and are included in earnings per unit if the effect is dilutive using the treasury stock method and the common units would be issuable if the end of the reporting period were the end of the contingency period. For the three months ended March 31, 2021 approximately 1.1 million notional units were excluded from the computation and for the three months ended March 31, 2020 approximately 1.5 million notional units were excluded from the computation because these notional units either would not have been issuable if the end of the reporting period were the end of the contingency period or as they were anti-dilutive. With respect to outstanding options, the effect of dilutive common units is determined using the treasury stock method, whereby outstanding options are assumed exercised at the beginning of the reporting period and the exercise proceeds from such options and the average measured but unrecognized compensation cost during the period are assumed to be used to repurchase our common units at the average market price during the period. The market price of a common unit is considered to be equivalent to the market price of a Company common share. For the three months ended March 31, 2021, approximately 403,000 options were excluded from the computation. For the three months ended March 31, 2020, approximately 521,000 options were excluded from the computation as they were anti-dilutive. Certain of the Company’s unvested restricted common share awards contain non-forfeitable rights to distributions or distribution equivalents. The impact of the corresponding unvested restricted unit awards on earnings per unit has been calculated using the two-class method whereby earnings are allocated to the unvested restricted unit awards based on distributions declared and the unvested restricted units’ participation rights in undistributed earnings. Unvested restricted common units that do not contain non-forfeitable rights to dividends or dividend equivalents are included in the diluted earnings per unit computation if the effect is dilutive, using the treasury stock method.

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