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Earnings per Limited Partner Units (Tables)
12 Months Ended
Sep. 30, 2020
Earnings Per Share [Abstract]  
Net Income Allocation and Per Unit Data

The following table presents the net income allocation and per unit data:

 

Basic and Diluted Earnings Per Limited Partner:

 

Years Ended September 30,

 

(in thousands, except per unit data)

 

2020

 

 

2019

 

 

2018

 

Net income

 

$

55,918

 

 

$

17,637

 

 

$

55,505

 

Less General Partners’ interest in net income

 

 

377

 

 

 

95

 

 

 

314

 

Net income available to limited partners

 

 

55,541

 

 

 

17,542

 

 

 

55,191

 

Less dilutive impact of theoretical distribution of

   earnings *

 

 

6,812

 

 

 

 

 

 

6,340

 

Limited Partner’s interest in net income

 

$

48,729

 

 

$

17,542

 

 

$

48,851

 

Per unit data:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted net income available to limited partners

 

$

1.22

 

 

$

0.35

 

 

$

1.01

 

Less dilutive impact of theoretical distribution of

   earnings *

 

 

0.15

 

 

 

 

 

 

0.12

 

Limited Partner’s interest in net income under

 

$

1.07

 

 

$

0.35

 

 

$

0.89

 

Weighted average number of Limited Partner units outstanding

 

 

45,656

 

 

 

50,814

 

 

 

54,764

 

 

*

In any accounting period where the Company’s aggregate net income exceeds its aggregate distribution for such period, the Company is required to present net income per limited partner unit as if all of the earnings for the period were distributed, based on the terms of the Partnership agreement, regardless of whether those earnings would actually be distributed during a particular period from an economic or practical perspective. This allocation does not impact the Company’s overall net income or other financial results.