Net Income (Loss) Per Common Share

6 Months Ended

Jun. 30, 2021

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,
	2021		2020		2021		2020
General Partner
Net income attributable to common shareholders	$	175,817	$	39,820	$	255,179	$	59,276
Less: dividends on participating securities	(365)		(356)		(735)		(712)
Basic net income attributable to common shareholders	$	175,452	$	39,464	$	254,444	$	58,564
Add back dividends on dilutive participating securities	365		—		735		—
Noncontrolling interest in earnings of common unitholders	1,738		356		2,499		526
Diluted net income attributable to common shareholders	$	177,555	$	39,820	$	257,678	$	59,090
Weighted average number of common shares outstanding	376,020		368,836		374,850		368,513
Weighted average Limited Partner Units outstanding	3,770		3,331		3,673		3,277
Other potential dilutive shares	1,831		406		1,811		407
Weighted average number of common shares and potential dilutive securities	381,621		372,573		380,334		372,197
Partnership
Net income attributable to common unitholders	$	177,555	$	40,176	$	257,678	$	59,802
Less: distributions on participating securities	(365)		(356)		(735)		(712)
Basic net income attributable to common unitholders	$	177,190	$	39,820	$	256,943	$	59,090
Add back distributions on dilutive participating securities	365		—		735		—
Diluted net income attributable to common unitholders	$	177,555	$	39,820	$	257,678	$	59,090
Weighted average number of Common Units outstanding	379,790		372,167		378,523		371,790
Other potential dilutive units	1,831		406		1,811		407
Weighted average number of Common Units and potential dilutive securities	381,621		372,573		380,334		372,197

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,
	2021	2020	2021	2020
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	—	1,660	—	1,660