Net Income (Loss) Per Common Share

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
General Partner
Net income attributable to common shareholders	$	494,817	$	71,823	$	749,996	$	131,099
Less: dividends on participating securities	(298)		(352)		(1,033)		(1,064)
Basic net income attributable to common shareholders	$	494,519	$	71,471	$	748,963	$	130,035
Add back dividends on dilutive participating securities	298		—		1,033		—
Noncontrolling interest in earnings of common unitholders	4,848		638		7,347		1,164
Diluted net income attributable to common shareholders	$	499,665	$	72,109	$	757,343	$	131,199
Weighted average number of common shares outstanding	379,220		371,082		376,323		369,375
Weighted average Limited Partner Units outstanding	3,761		3,330		3,702		3,296
Other potential dilutive shares	1,643		422		1,786		420
Weighted average number of common shares and potential dilutive securities	384,624		374,834		381,811		373,091
Partnership
Net income attributable to common unitholders	$	499,665	$	72,461	$	757,343	$	132,263
Less: distributions on participating securities	(298)		(352)		(1,033)		(1,064)
Basic net income attributable to common unitholders	$	499,367	$	72,109	$	756,310	$	131,199
Add back distributions on dilutive participating securities	298		—		1,033		—
Diluted net income attributable to common unitholders	$	499,665	$	72,109	$	757,343	$	131,199
Weighted average number of Common Units outstanding	382,981		374,412		380,025		372,671
Other potential dilutive units	1,643		422		1,786		420
Weighted average number of Common Units and potential dilutive securities	384,624		374,834		381,811		373,091

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,
	2021	2020	2021	2020
General Partner and Partnership
Other potential dilutive shares or units:
Anti-dilutive outstanding participating securities	—	1,642	—	1,642