Net Income (Loss) Per Common Share

6 Months Ended

Jun. 30, 2018

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,
	2018			2017			2018			2017
General Partner
Net income attributable to common shareholders	$	193,845		$	1,210,543		$	266,808		$	1,280,743
Less: dividends on participating securities	(418		)	(540		)	(855		)	(1,083		)
Basic net income attributable to common shareholders	193,427			1,210,003			265,953			1,279,660
Add back dividends on dilutive participating securities	418			540			855			1,083
Noncontrolling interest in earnings of common unitholders	1,824			11,240			2,507			11,892
Diluted net income attributable to common shareholders	$	195,669		$	1,221,783		$	269,315		$	1,292,635
Weighted average number of common shares outstanding	357,054			355,647			356,898			355,466
Weighted average Limited Partner Units outstanding	3,393			3,305			3,374			3,310
Other potential dilutive shares	2,294			3,029			2,279			3,013
Weighted average number of common shares and potential dilutive securities	362,741			361,981			362,551			361,789

Partnership
Net income attributable to common unitholders	$	195,669		$	1,221,783		$	269,315		$	1,292,635
Less: distributions on participating securities	(418		)	(540		)	(855		)	(1,083		)
Basic net income attributable to common unitholders	$	195,251		$	1,221,243		$	268,460		$	1,291,552
Add back distributions on dilutive participating securities	418			540			855			1,083
Diluted net income attributable to common unitholders	$	195,669		$	1,221,783		$	269,315		$	1,292,635
Weighted average number of Common Units outstanding	360,447			358,952			360,272			358,776
Other potential dilutive units	2,294			3,029			2,279			3,013
Weighted average number of Common Units and potential dilutive securities	362,741			361,981			362,551			361,789

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, of which there was none for the periods presented, (in thousands):



	Three Months Ended June 30,		Six Months Ended June 30,
	2018	2017	2018	2017
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	—	—	—	—