Net Income (Loss) Per Common Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Net Income (Loss) Per Common Share

Net Income per Common Share or Common UnitBasic 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,
	2020		2019		2020		2019
General Partner
Net income attributable to common shareholders	$	71,823	$	226,566	$	131,099	$	342,170
Less: dividends on participating securities	(352)		(350)		(1,064)		(1,125)
Basic net income attributable to common shareholders	$	71,471	$	226,216	$	130,035	$	341,045
Add back dividends on dilutive participating securities	—		350		—		1,125
Noncontrolling interest in earnings of common unitholders	638		1,968		1,164		2,971
Diluted net income attributable to common shareholders	$	72,109	$	228,534	$	131,199	$	345,141
Weighted average number of common shares outstanding	371,082		362,416		369,375		360,424
Weighted average Limited Partner Units outstanding	3,330		3,142		3,296		3,118
Other potential dilutive shares	422		1,713		420		1,801
Weighted average number of common shares and potential dilutive securities	374,834		367,271		373,091		365,343
Partnership
Net income attributable to common unitholders	$	72,461	$	228,534	$	132,263	$	345,141
Less: distributions on participating securities	(352)		(350)		(1,064)		(1,125)
Basic net income attributable to common unitholders	$	72,109	$	228,184	$	131,199	$	344,016
Add back distributions on dilutive participating securities	—		350		—		1,125
Diluted net income attributable to common unitholders	$	72,109	$	228,534	$	131,199	$	345,141
Weighted average number of Common Units outstanding	374,412		365,558		372,671		363,542
Other potential dilutive units	422		1,713		420		1,801
Weighted average number of Common Units and potential dilutive securities	374,834		367,271		373,091		365,343

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,
	2020	2019	2020	2019
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	1,642	—	1,642	—