Net Income (Loss) Per Common Share

9 Months Ended

Sep. 30, 2018

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,
	2018			2017			2018			2017
General Partner
Net income attributable to common shareholders	$	53,025		$	165,269		$	319,833		$	1,446,012
Less: dividends on participating securities	(394		)	(444		)	(1,249		)	(1,527		)
Basic net income attributable to common shareholders	52,631			164,825			318,584			1,444,485
Add back dividends on dilutive participating securities	—			444			1,249			1,527
Noncontrolling interest in earnings of common unitholders	495			1,535			3,002			13,427
Diluted net income attributable to common shareholders	$	53,126		$	166,804		$	322,835		$	1,459,439
Weighted average number of common shares outstanding	357,898			355,905			357,235			355,614
Weighted average Limited Partner Units outstanding	3,302			3,301			3,350			3,307
Other potential dilutive shares	210			2,896			2,160			3,026
Weighted average number of common shares and potential dilutive securities	361,410			362,102			362,745			361,947

Partnership
Net income attributable to common unitholders	$	53,520		$	166,804		$	322,835		$	1,459,439
Less: distributions on participating securities	(394		)	(444		)	(1,249		)	(1,527		)
Basic net income attributable to common unitholders	$	53,126		$	166,360		$	321,586		$	1,457,912
Add back distributions on dilutive participating securities	—			444			1,249			1,527
Diluted net income attributable to common unitholders	$	53,126		$	166,804		$	322,835		$	1,459,439
Weighted average number of Common Units outstanding	361,200			359,206			360,585			358,921
Other potential dilutive units	210			2,896			2,160			3,026
Weighted average number of Common Units and potential dilutive securities	361,410			362,102			362,745			361,947

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,
	2018	2017	2018	2017
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	—	—	—	—
Anti-dilutive outstanding participating securities	2,147	—	—	—