Net Income Per Limited Partner Unit

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Net Income Per Limited Partner Unit

Note 21. NET INCOME PER LIMITED PARTNER UNIT

The following table provides a reconciliation of net income and weighted-average units used in computing basic and diluted net income per common unit for the following periods (in thousands, except unit and per unit amounts):

	Years Ended December 31,
	2023			2022			2021
Numerator:
Distributions paid on common units	$	79,712		$	79,625		$	79,552
Allocation of distributions in excess of net income		(39,608	)		(17,655	)		(57,898	)
Limited partners’ interest in net income - basic and diluted	$	40,104		$	61,970		$	21,654
Denominator:
Weighted average common units outstanding - basic		37,957,727			37,916,829			37,880,910
Adjustment for phantom and phantom performance units(a)		161,734			142,945			3,214
Weighted average common units outstanding - diluted		38,119,461			38,059,774			37,884,124
Net income per common unit - basic	$	1.06		$	1.63		$	0.57
Net income per common unit - diluted	$	1.05		$	1.63		$	0.57
Distributions paid per common unit	$	2.1000		$	2.1000		$	2.1000
Distributions declared (with respect to each respective period) per    common unit	$	2.1000		$	2.1000		$	2.1000

(a)For 2023 and 2022, 1,203,481 and 835,551 potentially dilutive units related to the preferred membership interests were excluded from the calculation of diluted earnings per unit for 2023 and 2022, respectively, because including them would have been antidilutive.

Distributions

Quarterly distribution activity to common unitholders for 2023 was as follows:

Quarter Ended	Record Date	Payment Date	Cash Distribution (per unit)		Cash Distribution (in thousands)
December 31, 2022	February 3, 2023	February 10, 2023		0.5250		19,918
March 31, 2023	May 3, 2023	May 10, 2023		0.5250		19,925
June 30, 2023	August 4, 2023	August 11, 2023		0.5250		19,934
September 30, 2023	November 3, 2023	November 10, 2023		0.5250		19,935
December 31, 2023	February 2, 2024	February 9, 2024		0.5250		19,941

The amount of any distribution is subject to the discretion of the Board, which may modify or revoke our cash distribution policy at any time. Our Partnership Agreement does not require us to pay any distributions. As such, there can be no assurance we will continue to pay distributions in the future.