Net Income (Loss) Per Common Share

3 Months Ended

Mar. 31, 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 March 31,
	2022		2021
General Partner
Net income attributable to common shareholders	$	248,921	$	79,362
Less: dividends on participating securities	(327)		(371)
Basic net income attributable to common shareholders	$	248,594	$	78,991
Add back dividends on dilutive participating securities	327		—
Noncontrolling interest in earnings of common unitholders	2,463		761
Diluted net income attributable to common shareholders	$	251,384	$	79,752
Weighted average number of common shares outstanding	382,708		373,667
Weighted average Limited Partner Units outstanding	3,808		3,575
Other potential dilutive shares	1,421		502
Weighted average number of common shares and potential dilutive securities	387,937		377,744
Partnership
Net income attributable to common unitholders	$	251,384	$	80,123
Less: distributions on participating securities	(327)		(371)
Basic net income attributable to common unitholders	$	251,057	$	79,752
Add back distributions on dilutive participating securities	327		—
Diluted net income attributable to common unitholders	$	251,384	$	79,752
Weighted average number of Common Units outstanding	386,516		377,242
Other potential dilutive units	1,421		502
Weighted average number of Common Units and potential dilutive securities	387,937		377,744

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 March 31,
	2022	2021
General Partner and Partnership
Other potential dilutive shares or units:
Anti-dilutive outstanding participating securities	—	1,568