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NET INCOME PER COMMON UNIT (Tables)
 9 Months Ended
Sep. 30, 2015
NET INCOME PER COMMON UNIT  
Schedule of net income per common unit

 

 

 

 

 

Three months ended

 

Nine months ended

 

 

 

 

 

(unaudited)

 

September 30,

 

September 30,

 

 

 

 

 

(millions of dollars, except per common unit amounts)

 
2015 

 
2014 

 
2015 

 
2014 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to controlling interests

 
49 

 
31 

 
150 

 
125 

Net income attributable to the General Partner

 
(1)

 
(1)

 
(3)

 
(3)

Incentive distributions attributable to the General Partner (a)

 
(1)

 

-  

 
(2)

 

-  

Net income attributable to the Class B units (b)

 
(2)

 

-  

 
(2)

 

-  

 

 

 

 

 

 

 

 

 

Net income attributable to common units

 
45 

 
30 

 
143 

 
122 

 

 

 

 

 

 

 

 

 

Weighted average common units outstanding (millions) – basic and diluted

 
64.0 

 
62.6 

 
63.8 

 
62.4 

Net income per common unit – basic and diluted

 
$
0.70 

 
$
0.48 

 
$
2.23 

 
$
1.96 

 

 

 

 

 

 

 

 

 

 

(a)

Under the terms of the Partnership Agreement, for any quarterly period, the participation of the incentive distribution rights (IDRs) is limited to the available cash distributions declared. Accordingly, incentive distributions allocated to the General Partner was based from the Partnership’s available cash during the current reporting period, but declared and paid in the subsequent reporting period.

 

(b)

As discussed in Notes 6 and 7, the Class B units entitle TransCanada to a distribution which is an amount based on 30 percent of GTN’s distributions after achieving certain annual thresholds.  The distribution will be payable in the first quarter with respect to the prior year’s distributions. Consistent with the application of Accounting Standards Codification (ASC) Topic 260 - “Earnings per share,” the Partnership will allocate a portion of net income attributable to controlling interests to the Class B units upon 30 percent of GTN’s total distributable cash flows exceeding $15 million for the nine month period ending December 31, 2015.

 

During the six months ended September 30, 2015, 30 percent of GTN’s total distributable cash flow was $17 million. As a result, $2 million of net income attributable to controlling interests was allocated to the Class B units for both the three and nine months ended September 30, 2015.