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Net Income Per Common Unit (Tables)
9 Months Ended
Sep. 30, 2016
Earnings Per Share [Abstract]  
Computation of basic and diluted net income per common unit
The following table sets forth the computation of basic and diluted net income per common unit (in millions, except per unit data):
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2016
 
2015
 
2016
 
2015
Basic Net Income per Common Unit
 

 
 

 
 

 
 

Net income attributable to PAA
$
297

 
$
249

 
$
599

 
$
657

Distributions to Series A preferred units (1)
(33
)
 

 
(88
)
 

Distributions to general partner (1)
(102
)
 
(154
)
 
(412
)
 
(454
)
Distributions to participating securities (1)
(1
)
 
(1
)
 
(3
)
 
(4
)
Undistributed loss allocated to general partner (1)
1

 
4

 
14

 
12

Net income allocated to common unitholders in accordance with application of the two-class method for MLPs
$
162

 
$
98

 
$
110

 
$
211

 
 
 
 
 
 
 
 
Basic weighted average common units outstanding
401

 
398

 
399

 
393

 
 
 
 
 
 
 
 
Basic net income per common unit
$
0.40

 
$
0.25

 
$
0.27

 
$
0.54

 
 
 
 
 
 
 
 
Diluted Net Income per Common Unit
 

 
 

 
 

 
 

Net income attributable to PAA
$
297

 
$
249

 
$
599

 
$
657

Distributions to Series A preferred units (1)
(33
)
 

 
(88
)
 

Distributions to general partner (1)
(102
)
 
(154
)
 
(412
)
 
(454
)
Distributions to participating securities (1)
(1
)
 
(1
)
 
(3
)
 
(4
)
Undistributed loss allocated to general partner (1)
1

 
4

 
14

 
12

Net income allocated to common unitholders in accordance with application of the two-class method for MLPs
$
162

 
$
98

 
$
110

 
$
211

 
 
 
 
 
 
 
 
Basic weighted average common units outstanding
401

 
398

 
399

 
393

Effect of dilutive securities: Weighted average LTIP units
1

 
1

 
1

 
2

Diluted weighted average common units outstanding
402

 
399

 
400

 
395

 
 
 
 
 
 
 
 
Diluted net income per common unit
$
0.40

 
$
0.24

 
$
0.27

 
$
0.53

___________________________________________
(1) 
We calculate net income allocated to common unitholders based on the distributions pertaining to the current period’s net income. After adjusting for the appropriate period’s distributions, the remaining undistributed earnings or excess distributions over earnings, if any, are allocated to the general partner, common unitholders and participating securities in accordance with the contractual terms of our partnership agreement and as further prescribed under the two-class method.