Net Income per Unit

12 Months Ended

Dec. 31, 2012

Earnings Per Share [Abstract]

Net Income per Unit

Net Income per Unit

Net income per unit applicable to limited partners (including subordinated unitholders) is computed by dividing limited partners' interest in net income, after deducting any incentive distributions, by the weighted-average number of outstanding common and subordinated units. Our net income is allocated to the limited partners in accordance with their respective partnership percentages, after giving effect to priority income allocations for incentive distributions, if any, to SUSS, the holder of the IDRs, pursuant to our partnership agreement, which are declared and paid following the close of each quarter. Net income per unit is only calculated for the Partnership after the IPO as no units were outstanding prior to September 25, 2012. Earnings in excess of distributions are allocated to the limited partners based on their respective ownership interests. Payments made to our unitholders are determined in relation to actual distributions declared and are not based on the net income allocations used in the calculation of net income per unit. As of December 31, 2012, the weighted-average number of units outstanding equals the total number of units outstanding.

In addition to the common and subordinated units, we have also identified the IDRs as participating securities and use the two-class method when calculating the net income per unit applicable to limited partners, which is based on the weighted-average number of common units outstanding during the period. Diluted net income per unit includes the effects of potentially dilutive units on our common units, consisting of unvested phantom units. Basic and diluted net income per unit applicable to subordinated limited partners are the same because there are no potentially dilutive subordinated units outstanding.

We also disclose limited partner units issued and outstanding. There have been no additional changes to the outstanding shares after the closing of the IPO.

	Twelve Months Ended December 31, 2012
	(dollars in thousands, except units and per unit amounts)
Net income subsequent to initial public offering	$	9,150
Less: General partner's interest in net income subsequent to initial public offering	—
Limited partners' interest in net income subsequent to initial public offering	$	9,150
Weighted average limited partner units outstanding:
Common - basic	10,939,436
Common - equivalents	3,723
Common - diluted	10,943,159
Subordinated - SUSS (basic and diluted)	10,939,436
Net income per limited partner unit:
Common - basic	$	0.42
Common - diluted	$	0.42
Subordinated - SUSS (basic and diluted)	$	0.42