Net Income (Loss) Per Common Share

6 Months Ended

Jun. 30, 2022

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 June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
General Partner
Net income attributable to common shareholders	$	102,470	$	175,817	$	351,391	$	255,179
Less: dividends on participating securities	(319)		(365)		(645)		(735)
Basic net income attributable to common shareholders	$	102,151	$	175,452	$	350,746	$	254,444
Add back dividends on dilutive participating securities	—		365		645		735
Noncontrolling interest in earnings of common unitholders	1,128		1,738		3,591		2,499
Diluted net income attributable to common shareholders	$	103,279	$	177,555	$	354,982	$	257,678
Weighted average number of common shares outstanding	384,519		376,020		383,619		374,850
Weighted average Limited Partner Units outstanding	4,022		3,770		3,915		3,673
Other potential dilutive shares	658		1,831		1,731		1,811
Weighted average number of common shares and potential dilutive securities	389,199		381,621		389,265		380,334
Partnership
Net income attributable to common unitholders	$	103,598	$	177,555	$	354,982	$	257,678
Less: distributions on participating securities	(319)		(365)		(645)		(735)
Basic net income attributable to common unitholders	$	103,279	$	177,190	$	354,337	$	256,943
Add back distributions on dilutive participating securities	—		365		645		735
Diluted net income attributable to common unitholders	$	103,279	$	177,555	$	354,982	$	257,678
Weighted average number of Common Units outstanding	388,541		379,790		387,534		378,523
Other potential dilutive units	658		1,831		1,731		1,811
Weighted average number of Common Units and potential dilutive securities	389,199		381,621		389,265		380,334

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,
	2022	2021	2022	2021
General Partner and Partnership
Other potential dilutive shares or units:
Anti-dilutive outstanding participating securities	1,282	—	—	—