XML 32 R21.htm IDEA: XBRL DOCUMENT v3.22.2.2
Net Income Per Common Limited Partner Unit
9 Months Ended
Sep. 30, 2022
Net Income Per Common Limited Partner Unit.  
Net Income Per Common Limited Partner Unit

Note 14.    Net Income Per Common Limited Partner Unit

Under the Partnership’s partnership agreement, for any quarterly period, the incentive distribution rights (“IDRs”) participate in net income only to the extent of the amount of cash distributions actually declared, thereby excluding the IDRs from participating in the Partnership’s undistributed net income or losses. Accordingly, the Partnership’s undistributed net income or losses is assumed to be allocated to the common unitholders and to the General Partner’s general partner interest.

Common units outstanding as reported in the accompanying consolidated financial statements at September 30, 2022 and December 31, 2021, respectively, excludes 47,360 and 42,336 common units held on behalf of the Partnership pursuant to its repurchase program. These units are not deemed outstanding for purposes of calculating net income per common limited partner unit (basic and diluted). For all periods presented below, the Partnership’s preferred units are not potentially dilutive securities based on the nature of the conversion feature.

The following table provides a reconciliation of net income and the assumed allocation of net income to the common limited partners (after deducting amounts allocated to preferred unitholders) for purposes of computing net income per common limited partner unit for the periods presented (in thousands, except per unit data):

Three Months Ended September 30, 2022

Three Months Ended September 30, 2021

 

  

Common

  

General

  

 

 

  

Common

  

General

  

 

Limited

Partner

Limited

Partner

 

Numerator:

  

Total

  

Partners

  

Interest

  

IDRs

 

 

Total

  

Partners

  

Interest

  

IDRs

 

Net income

$

111,439

$

109,412

$

2,027

$

$

33,637

$

32,644

$

993

$

Declared distribution

$

22,680

$

21,247

$

153

$

1,280

$

20,453

$

19,547

$

138

$

768

Assumed allocation of undistributed net income

 

88,759

 

88,165

 

594

 

 

13,184

 

13,097

 

87

 

Assumed allocation of net income

$

111,439

$

109,412

$

747

$

1,280

$

33,637

$

32,644

$

225

$

768

Less: Preferred limited partner interest in net income

3,463

3,463

Net income attributable to common limited partners

$

105,949

$

29,181

Denominator:

Basic weighted average common units outstanding

 

33,917

 

33,897

Dilutive effect of phantom units

 

91

 

190

Diluted weighted average common units outstanding

 

34,008

 

34,087

Basic net income per common limited partner unit

$

3.12

$

0.86

Diluted net income per common limited partner unit

$

3.12

$

0.86

Nine Months Ended September 30, 2022

 

 

Nine Months Ended September 30, 2021

 

  

Common

  

General

  

  

Common

  

General

  

 

Limited

Partner

Limited

Partner

 

Numerator:

Total

Partners

Interest

IDRs

 

 

Total

  

Partners

  

Interest

  

IDRs

 

Net income

$

304,731

$

299,361

$

5,370

$

$

41,479

$

38,898

$

2,581

$

Declared distribution

$

65,813

$

62,041

$

444

$

3,328

$

61,359

$

58,641

$

414

$

2,304

Assumed allocation of undistributed net income (loss)

 

238,918

 

237,320

 

1,598

 

 

(19,880)

 

(19,743)

 

(137)

 

Assumed allocation of net income

$

304,731

$

299,361

$

2,042

$

3,328

$

41,479

$

38,898

$

277

$

2,304

Less: Preferred limited partner interest in net income

10,389

8,746

Net income attributable to common limited partners

$

288,972

$

30,152

Denominator:

Basic weighted average common units outstanding

 

33,932

 

33,934

Dilutive effect of phantom units

 

126

 

291

Diluted weighted average common units outstanding

 

34,058

 

34,225

Basic net income per common limited partner unit

$

8.52

$

0.89

Diluted net income per common limited partner unit

$

8.48

$

0.88

The board of directors of the General Partner declared the following quarterly cash distributions on its common units:

    

Per Unit Cash

  

  

Distribution Declared for the

 

Cash Distribution Declaration Date

  

Distribution Declared

Quarterly Period Ended

 

April 26, 2022

$

0.5950

March 31, 2022

July 26, 2022

$

0.6050

June 30, 2022

October 25, 2022

$

0.6250

September 30, 2022

The board of directors of the General Partner declared the following quarterly cash distributions on the Series A Preferred Units and the Series B Preferred Units:

    

Series A Preferred Units

Series B Preferred Units

  

 

Per Unit Cash

Per Unit Cash

Distribution Declared for the

Cash Distribution Declaration Date

Distribution Declared

Distribution Declared

Quarterly Period Covering

 

April 18, 2022

$

0.609375

$

0.593750

 

February 15, 2022 - May 14, 2022

July 18, 2022

$

0.609375

$

0.593750

May 15, 2022 - August 14, 2022

October 17, 2022

$

0.609375

$

0.593750

 

August 15, 2022 - November 14, 2022

See Note 12, “Partners’ Equity and Cash Distributions” for further information.