Net Income (Loss) Per Common Share

9 Months Ended

Sep. 30, 2019

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,
	2019			2018			2019			2018
General Partner
Net income attributable to common shareholders	$	226,566		$	53,025		$	342,170		$	319,833
Less: dividends on participating securities	(350		)	(394		)	(1,125		)	(1,249		)
Basic net income attributable to common shareholders	$	226,216		$	52,631		$	341,045		$	318,584
Add back dividends on dilutive participating securities	350			—			1,125			1,249
Noncontrolling interest in earnings of common unitholders	1,968			495			2,971			3,002
Diluted net income attributable to common shareholders	$	228,534		$	53,126		$	345,141		$	322,835
Weighted average number of common shares outstanding	362,416			357,898			360,424			357,235
Weighted average Limited Partner Units outstanding	3,142			3,302			3,118			3,350
Other potential dilutive shares	1,713			210			1,801			2,160
Weighted average number of common shares and potential dilutive securities	367,271			361,410			365,343			362,745

Partnership
Net income attributable to common unitholders	$	228,534		$	53,520		$	345,141		$	322,835
Less: distributions on participating securities	(350		)	(394		)	(1,125		)	(1,249		)
Basic net income attributable to common unitholders	$	228,184		$	53,126		$	344,016		$	321,586
Add back distributions on dilutive participating securities	350			—			1,125			1,249
Diluted net income attributable to common unitholders	$	228,534		$	53,126		$	345,141		$	322,835
Weighted average number of Common Units outstanding	365,558			361,200			363,542			360,585
Other potential dilutive units	1,713			210			1,801			2,160
Weighted average number of Common Units and potential dilutive securities	367,271			361,410			365,343			362,745

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,
	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	—	2,147	—	—