NET INCOME PER COMMON UNIT

12 Months Ended

Dec. 31, 2012

NET INCOME PER COMMON UNIT

NET INCOME PER COMMON UNIT

NOTE 10    NET INCOME PER COMMON UNIT

Net income per common unit is computed by dividing net income, after deduction of the General Partner's allocation, by the weighted average number of common units outstanding. The General Partner's allocation is equal to an amount based upon the General Partner's effective two percent general partner interest, plus an amount equal to incentive distributions. Incentive distributions are paid to the General Partner if quarterly cash distributions on the common units exceed levels specified in the Partnership Agreement.

Net income per common unit was determined as follows:

(millions of dollars, except per unit)	2012	2011		2010
Net income(a)	137	157		137
Net income allocated to General Partner	(3)	(3	)	(3)
Net income allocable to common units	134	154		134
Weighted average common units outstanding (millions) – basic and diluted	53.5	51.1		46.2
Net income per common unit – basic and diluted	$2.51	$3.02		$2.91

^(a)

25 percent interests in each of GTN and Bison were acquired May 2011.