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Earnings per Share and per Unit (Tables)
 12 Months Ended
Dec. 31, 2020
Earnings Per Share [Abstract]  
Reconciliations of Numerator and Denominator in Calculations of Basic and Diluted Earnings per Share and per Unit

In our consolidated statement of operations, noncontrolling interest in consolidated real estate partnerships is related to both continuing and discontinuing operations. For purposes of our earnings per share calculation, we have appropriately allocated the noncontrolling interest in consolidated real estate partnerships for all periods presented. Please refer to Note 4 for detail of noncontrolling interest in consolidated real estate partnerships associated with discontinued operations.

Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit for the years ended December 31, 2020, 2019, and 2018 are as follows (in thousands, except per share and per unit data):

 

 

Year Ended December 31, 2020

 

 

Income (Numerator)

 

 

Shares (Denominator)

 

 

Per Share Amount

 

Basic and Diluted Earnings per Share:

 

 

 

 

 

 

 

 

 

 

 

   Loss from continuing operations attributable to AIR

$

(115,961

)

 

 

122,446

 

 

$

(0.94

)

   Income from discontinued operations attributable to AIR

 

11,632

 

 

 

122,446

 

 

 

0.09

 

      Net loss attributable to AIR common stockholders

$

(104,329

)

 

 

122,446

 

 

$

(0.85

)

Diluted Earnings per Share:

 

 

 

 

 

 

 

 

 

 

 

   Effect of dilutive securities

 

—

 

 

 

—

 

 

 

—

 

      Net loss attributable to AIR common stockholders

$

(104,329

)

 

 

122,446

 

 

$

(0.85

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2019

 

 

Income (Numerator)

 

 

Shares (Denominator)

 

 

Per Share Amount

 

Basic Earnings per Share:

 

 

 

 

 

 

 

 

 

 

 

   Income from continuing operations attributable to AIR

$

446,460

 

 

 

119,307

 

 

$

3.75

 

   Income from discontinued operations attributable to AIR

 

19,684

 

 

 

119,307

 

 

 

0.16

 

      Net income attributable to AIR common stockholders

$

466,144

 

 

 

119,307

 

 

$

3.91

 

Diluted Earnings per Share:

 

 

 

 

 

 

 

 

 

 

 

   Effect of dilutive securities

 

—

 

 

 

226

 

 

 

(0.01

)

      Net income attributable to AIR common stockholders

$

466,144

 

 

 

119,533

 

 

$

3.90

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2018

 

 

Income (Numerator)

 

 

Shares (Denominator)

 

 

Per Share Amount

 

Basic Earnings per Share:

 

 

 

 

 

 

 

 

 

 

 

   Income from continuing operations attributable to AIR

$

635,611

 

 

 

122,097

 

 

$

5.21

 

   Income from discontinued operations attributable to AIR

 

20,986

 

 

 

122,097

 

 

 

0.17

 

      Net income attributable to AIR common stockholders

$

656,597

 

 

 

122,097

 

 

$

5.38

 

Diluted Earnings per Share:

 

 

 

 

 

 

 

 

 

 

 

   Effect of dilutive securities

 

—

 

 

 

146

 

 

 

(0.01

)

      Net income attributable to AIR common stockholders

$

656,597

 

 

 

122,243

 

 

$

5.37

 

 

 

 

 

Year Ended December 31, 2020

 

 

Income (Numerator)

 

 

Shares (Denominator)

 

 

Per Unit Amount

 

Basic and Diluted Earnings per unit:

 

 

 

 

 

 

 

 

 

 

 

   Loss from continuing operations attributable to the

        AIR Operating Partnership

$

(121,399

)

 

 

128,775

 

 

$

(0.94

)

   Income from discontinued operations attributable to the AIR Operating

         Partnership

 

11,632

 

 

 

128,775

 

 

 

0.09

 

      Net loss attributable to the AIR Operating Partnership's

          common unitholders

$

(109,767

)

 

 

128,775

 

 

$

(0.85

)

Diluted Earnings per unit:

 

 

 

 

 

 

 

 

 

 

 

   Effect of dilutive securities

 

—

 

 

 

—

 

 

 

—

 

      Net loss attributable to the AIR Operating Partnership's

          common unitholders

$

(109,767

)

 

 

128,775

 

 

$

(0.85

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2019

 

 

Income (Numerator)

 

 

Shares (Denominator)

 

 

Per Unit Amount

 

Basic Earnings per unit:

 

 

 

 

 

 

 

 

 

 

 

   Income from continuing operations attributable to the

        AIR Operating Partnership

$

472,493

 

 

 

125,893

 

 

$

3.75

 

   Income from discontinued operations attributable to the AIR Operating

         Partnership

 

19,684

 

 

 

125,893

 

 

 

0.16

 

      Net income attributable to the AIR Operating Partnership's

          common unitholders

$

492,177

 

 

 

125,893

 

 

$

3.91

 

Diluted Earnings per unit:

 

 

 

 

 

 

 

 

 

 

 

   Effect of dilutive securities

 

—

 

 

 

271

 

 

 

(0.01

)

      Net income attributable to the AIR Operating Partnership's

          common unitholders

$

492,177

 

 

 

126,164

 

 

$

3.90

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2018

 

 

Income (Numerator)

 

 

Shares (Denominator)

 

 

Per Unit Amount

 

Basic Earnings per unit:

 

 

 

 

 

 

 

 

 

 

 

   Income from continuing operations attributable to the

        AIR Operating Partnership

$

669,888

 

 

 

128,323

 

 

$

5.22

 

   Income from discontinued operations attributable to the AIR Operating

         Partnership

 

20,986

 

 

 

128,323

 

 

 

0.16

 

      Net income attributable to the AIR Operating Partnership's

          common unitholders

$

690,874

 

 

 

128,323

 

 

$

5.38

 

Diluted Earnings per unit:

 

 

 

 

 

 

 

 

 

 

 

   Effect of dilutive securities

 

—

 

 

 

146

 

 

 

—

 

      Net income attributable to the AIR Operating Partnership's

          common unitholders

$

690,874

 

 

 

128,469

 

 

$

5.38