(6) Partners’ Capital and Partnership Distributions

In connection with the Initial Public Offering that closed on April 13, 2011, the Partnership's special LP units were converted into common units, the Partnership's special GP units were converted into common units, and the Partnership's special general partner was merged with and into CRLLC, with CRLLC continuing as the surviving entity. In addition, CVR GP, LLC sold its IDRs to the Partnership and the IDRs were extinguished, and CALLC III sold CVR GP, LLC to CRLLC. Following the Initial Public Offering, the Partnership has two types of partnership interests outstanding:


•	common units; and


•	a general partner interest, which is not entitled to any distributions, and which is held by the general partner.

At December 31, 2013, the Partnership had a total of 73,112,951 common units issued and outstanding, of which 38,920,000 common units were owned by CRLLC, representing approximately 53% of the total Partnership units outstanding.

The board of directors of the Partnership's general partner has adopted a policy for the Partnership to distribute all available cash generated on a quarterly basis. Cash distributions will be made to the common unitholders of record on the applicable record date, generally within 60 days after the end of each quarter. Available cash for each quarter will be determined by the board of directors of the general partner following the end of such quarter.

Beginning with the first quarter ended March 31, 2013, available cash for each quarter will generally begin with Adjusted EBITDA reduced for cash needed for (i) net interest expense (excluding capitalized interest) and debt service and other contractual obligations; (ii) maintenance capital expenditures; and (iii) to the extent applicable, major scheduled turnaround expense incurred and reserves for future operating or capital needs that the board of directors of the general partner deems necessary or appropriate, if any. Adjusted EBITDA is defined as EBITDA (net income before interest expense, net, income tax expense, depreciation and amortization) further adjusted for the impact of non-cash share-based compensation, and, where applicable, major scheduled turnaround expense and loss on disposition of assets. Available cash for distributions may be increased by previously established cash reserves, if any, at the discretion of the board of directors of our general partner.

Available cash for each quarter through the end of 2012 was calculated based on our cash flow from operations for the quarter, less cash needed for maintenance capital expenditures, debt service and other contractual obligations and reserves for future operating or capital needs that the board of directors of our general partner deemed necessary or appropriate.

The following is a summary of cash distributions paid to unitholders during the years ended December 31, 2013, 2012 and 2011 for the respective quarters to which the distributions relate:



	December 31, 2012		March 31, 2013		June 30, 2013		September 30, 2013		Total Cash Distributions Paid in 2013
	($ in millions, except per common units amounts)
Amount paid CRLLC	$	9.8	$	31.1	$	22.7	$	14.0	$	77.5
Amounts paid to public unitholders	4.2		13.5		19.9		12.3		50.0
Total amount paid	$	14.0	$	44.6	$	42.6	$	26.3	$	127.5
Per common unit	$	0.192	$	0.610	$	0.583	$	0.36	$	1.745
Common units outstanding	73,065,143		73,065,143		73,074,945		73,078,048



	December 31, 2011		March 31, 2012		June 30, 2012		September 30, 2012		Total Cash Distributions Paid in 2012
	($ in millions, except per common units amounts)
Amount paid CRLLC	$	29.9	$	26.6	$	30.5	$	25.3	$	112.4
Amounts paid to public unitholders	13.0		11.6		13.3		10.9		48.8
Total amount paid	$	42.9	$	38.2	$	43.8	$	36.2	$	161.2
Per common unit	$	0.588	$	0.523	$	0.600	$	0.496	$	2.207
Common units outstanding	73,030,936		73,030,936		73,043,356		73,046,498



	December 31, 2010		March 31, 2011		June 30, 2011		September 30, 2011		Total Cash Distributions Paid in 2011
	($ in millions, except per common units amounts)
Amount paid CRLLC	$	—	$	—	$	20.7	$	29.1	$	49.9
Amounts paid to public unitholders	—		—		9.0		12.7		21.6
Total amount paid	$	—	$	—	$	29.7	$	41.8	$	71.5
Per common unit	$	—	$	—	$	0.407	$	0.572	$	0.979
Common units outstanding	—		—		73,002,956		73,002,956

On February 19, 2014, the Board of Directors of the general partner of the Partnership declared a cash distribution to the Partnership's unitholders of record at the close of business on March 3, 2014 for the fourth quarter of 2013 in the amount of $0.43 per unit, or $31.5 million in aggregate. Total cash distributions paid and to be paid based upon available cash for 2013 were approximately $1.98 per common unit.