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Earnings Per Unit of the Operating Partnership (Notes) (Tanger Properties Limited Partnership)
6 Months Ended
Jun. 30, 2011
Tanger Properties Limited Partnership
 
Earnings Per Unit [Text Block]
Earnings Per Unit of the Operating Partnership
The following table sets forth a reconciliation of the numerators and denominators in computing the Operating Partnership's earnings per unit for the three and six months ended June 30, 2011 and 2011, respectively (in thousands, except per unit amounts):
 
 
Three Months Ended
June 30,
 
Six Months Ending June 30,
 
 
 
2011
 
2010
 
2011
 
2010
 
Numerator
 
 


 
 
 
 


 
 


 
Income from continuing operations
 
$
10,842


 
$
5,393


 
$
21,659


 
$
8,395


 
Less applicable preferred unit distributions
 


 
(1,407
)
 


 
(2,813
)
 
Less allocation of earnings to participating securities
 
(165
)
 
(143
)
 
(357
)
 
(312
)
 
Income from continuing operations available to common unitholders of the Operating Partnership
 
10,677


 
3,843


 
21,302


 
5,270


 
Discontinued operations
 


 
(1
)
 


 


 
Net income available to common unitholders of the Operating Partnership
 
$
10,677


 
$
3,842


 
$
21,302


 
$
5,270


 
Denominator
 
 
 
 
 
 
 
 
 
Basic weighted average common units
 
23,154


 
23,085


 
23,138


 
23,067


 
Effect of notional units
 
104


 


 
104


 


 
Effect of senior exchangeable notes
 
32


 
13


 
32


 
13


 
Effect of outstanding options
 
19


 
21


 
19


 
24


 
Diluted weighted average common units
 
23,309


 
23,119


 
23,293


 
23,104


 
Basic earnings per common unit:
 
 
 
 
 
 
 
 
 
Income from continuing operations
 
$
0.46


 
$
0.17


 
$
0.92


 
$
0.23


 
Discontinued operations
 


 


 


 


 
Net income
 
$
0.46


 
$
0.17


 
$
0.92


 
$
0.23


 
Diluted earnings per common unit:
 
 
 
 
 
 
 
 
 
Income from continuing operations
 
$
0.46


 
$
0.17


 
$
0.91


 
$
0.23


 
Discontinued operations
 


 


 


 


 
Net income
 
$
0.46


 
$
0.17


 
$
0.91


 
$
0.23


 


The notional units are considered contingently issuable common units and are included in earnings per unit if the effect is dilutive using the treasury stock method.
When the Company issues common shares upon exercise of options or issues restricted share awards, the Operating Partnership issues one corresponding unit to the Company for every four common shares issued. The senior, exchangeable notes are included in the diluted earnings per unit computation, if the effect is dilutive, using the treasury stock method.  In applying the treasury stock method, the effect will be dilutive if the average market price of the Company's common shares for at least 20 trading days in the 30 consecutive trading days at the end of each quarter is higher than the exchange price of $17.83 per common share.
The computation of diluted earnings per unit excludes options to purchase common units when the exercise price is greater than the average market price of the common units for the period.  The market price of a common unit is considered to be equivalent to four times the market price of a Company common share. For the three and six months ended June 30, 2011, 46,250 options were excluded from the computation. No options were excluded from the computation for the three and six months ended June 30, 2010.  
The Company's unvested restricted share awards contain non-forfeitable rights to distributions or distribution equivalents. The impact of the unvested restricted unit awards on earnings per unit has been calculated using the two-class method whereby earnings are allocated to the unvested restricted unit awards based on distributions declared and the unvested restricted units' participation rights in undistributed earnings.