Net Income (Loss) Per Common Share

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

Net Income (Loss) Per Common Share

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 June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
General Partner
Net income attributable to common shareholders	$	71,053		$	193,845		$	115,604		$	266,808
Less: dividends on participating securities	(388		)	(418		)	(777		)	(855		)
Basic net income attributable to common shareholders	$	70,665		$	193,427		$	114,827		$	265,953
Add back dividends on dilutive participating securities	—			418			—			855
Noncontrolling interest in earnings of common unitholders	621			1,824			1,003			2,507
Diluted net income attributable to common shareholders	$	71,286		$	195,669		$	115,830		$	269,315
Weighted average number of common shares outstanding	359,681			357,054			359,412			356,898
Weighted average Limited Partner Units outstanding	3,145			3,393			3,105			3,374
Other potential dilutive shares	100			2,294			98			2,279
Weighted average number of common shares and potential dilutive securities	362,926			362,741			362,615			362,551
Partnership
Net income attributable to common unitholders	$	71,674		$	195,669		$	116,607		$	269,315
Less: distributions on participating securities	(388		)	(418		)	(777		)	(855		)
Basic net income attributable to common unitholders	$	71,286		$	195,251		$	115,830		$	268,460
Add back distributions on dilutive participating securities	—			418			—			855
Diluted net income attributable to common unitholders	$	71,286		$	195,669		$	115,830		$	269,315
Weighted average number of Common Units outstanding	362,826			360,447			362,517			360,272
Other potential dilutive units	100			2,294			98			2,279
Weighted average number of Common Units and potential dilutive securities	362,926			362,741			362,615			362,551

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 June 30,		Six Months Ended June 30,
	2019	2018	2019	2018
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	1,960	—	1,960	—