NET INCOME PER LIMITED PARTNER UNIT

6 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

NET INCOME PER LIMITED PARTNER UNIT

NET INCOME PER LIMITED PARTNER UNIT

For purposes of calculating earnings per unit, the excess of distributions over earnings or excess of earnings over distributions for each period are allocated to the entities’ general partner based on the general partner’s ownership interest at the time. The following sets forth the computation of basic and diluted net loss per common and subordinated unit (in thousands, except per unit data):

	Three months ended June 30,					Six months ended June 30,
	2011			2012		2011			2012
Net income (loss)	$	(5,345	)	$	6,147	$	(2,712	)	$	18,141
General partner interest in net income (loss)	(46		)	186		111			493
Preferred interest in net income	2,975			5,391		8,149			10,782
Beneficial conversion feature attributable to preferred units	11,021			—		21,920			1,853
Income (loss) available to limited partners	$	(19,295	)	$	570	$	(32,892	)	$	5,013
Basic and diluted weighted average number of units:
Common units	21,890			22,670		21,890			22,665
Subordinated units(1)	12,571			—		12,571			—
Restricted and phantom units	457			633		343			516
Basic and diluted net income (loss) per common unit	$	(0.55	)	$	0.02	$	(0.94	)	$	0.22
Basic and diluted net income (loss) per subordinated unit(1)	$	(0.55	)	$	—	$	(0.94	)	$	—

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(1) On September 14, 2011, Vitol and Charlesbank transferred all of the Partnership’s outstanding subordinated units to the Partnership and the Partnership canceled such subordinated units.