Net Income (Loss) Per Common Share

9 Months Ended

Sep. 30, 2017

Net Income Per Common Share or Common Unit

Basic net income per common share or Common Unit is computed by dividing net income attributable to common shareholders or common unitholders, less dividends or distributions on share-based awards expected to vest (referred to as "participating securities" and primarily composed of unvested restricted stock units), by the weighted average number of common shares or Common Units outstanding for the period.

Diluted net income per common share is computed by dividing the sum of net income attributable to common shareholders and the noncontrolling interest in earnings allocable to Limited Partner Units (to the extent the Limited Partner Units are dilutive), less dividends or distributions on participating securities that are anti-dilutive, by the sum of the weighted average number of common shares outstanding and, to the extent they are dilutive, weighted average number of Limited Partner Units outstanding and any potential dilutive securities for the period. Diluted net income per Common Unit is computed by dividing the net income attributable to common unitholders, less dividends or distributions on participating securities that are anti-dilutive, by the sum of the weighted average

number of Common Units outstanding and any potential dilutive securities for the period. The following table reconciles the components of basic and diluted net income per common share or Common Unit (in thousands):



	Three Months Ended September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
General Partner
Net income attributable to common shareholders	$	165,269		$	112,014		$	1,446,012		$	264,388
Less: dividends on participating securities	(444		)	(580		)	(1,527		)	(1,751		)
Basic net income attributable to common shareholders	164,825			111,434			1,444,485			262,637
Add back dividends on dilutive participating securities	444			580			1,527			1,751
Noncontrolling interest in earnings of common unitholders	1,535			1,131			13,427			2,670
Diluted net income attributable to common shareholders	$	166,804		$	113,145		$	1,459,439		$	267,058
Weighted average number of common shares outstanding	355,905			351,856			355,614			348,341
Weighted average Limited Partner Units outstanding	3,301			3,495			3,307			3,499
Other potential dilutive shares	2,896			3,630			3,026			3,565
Weighted average number of common shares and potential dilutive securities	362,102			358,981			361,947			355,405

Partnership
Net income attributable to common unitholders	$	166,804		$	113,145		$	1,459,439		$	267,058
Less: distributions on participating securities	(444		)	(580		)	(1,527		)	(1,751		)
Basic net income attributable to common unitholders	$	166,360		$	112,565		$	1,457,912		$	265,307
Add back distributions on dilutive participating securities	444			580			1,527			1,751
Diluted net income attributable to common unitholders	$	166,804		$	113,145		$	1,459,439		$	267,058
Weighted average number of Common Units outstanding	359,206			355,351			358,921			351,840
Other potential dilutive units	2,896			3,630			3,026			3,565
Weighted average number of Common Units and potential dilutive securities	362,102			358,981			361,947			355,405

The following table summarizes the data that is excluded from the computation of net income per common share or Common Unit as a result of being anti-dilutive (in thousands):



	Three Months Ended September 30,		Nine Months Ended September 30,
	2017	2016	2017	2016
General Partner and Partnership
Other potential dilutive shares or units:
Anti-dilutive outstanding potential shares or units under fixed stock option and other stock-based compensation plans	—	170	—	170