Net Income (Loss) Per Common Unit

Basic net income per common unit is computed by dividing net income, after considering income attributable to our preferred unitholders, by the weighted average number of common units outstanding.

The dilutive effect of our preferred units is calculated using the if-converted method. Under the if-converted method, our preferred units are assumed to be converted at the beginning of the period (beginning with their respective issuance date), and the resulting common units are included in the denominator of the diluted net income per common unit calculation for the period being presented. Distributions declared in the period and undeclared distributions that accumulated during the period are added back to the numerator for purposes of the if-converted calculation. For the three and nine months ended September 30, 2018, the effect of the assumed conversion of the 23,914,890 preferred units was anti-dilutive and was not included in the computation of diluted earnings per unit.

The following table reconciles net income and weighted average units used in computing basic and diluted net income per common unit (in thousands, except per unit amounts):



	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Net Income (Loss) Attributable to Genesis Energy L.P.	$	(323	)	6,312			$	18,708		$	67,135
Less: Accumulated distributions attributable to Class A Convertible Preferred Units	(17,635		)	(5,469		)	(51,780		)	(5,469		)
Net Income (Loss) Available to Common Unitholders	$	(17,958	)	$	843		$	(33,072	)	$	61,666

Weighted Average Outstanding Units	122,579			122,579			122,579			121,198

Basic and Diluted Net Income (Loss) per Common Unit	$	(0.15	)	$	0.01		$	(0.27	)	$	0.51