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Partners' Capital (Notes)
3 Months Ended
Mar. 31, 2015
Equity [Abstract]  
Partners' Capital
Partners' Capital
As of March 31, 2015, ETP owned 4,062,848 common units and 10,939,436 subordinated units, which together constitute a 42.8% ownership interest in us. As of March 31, 2015, the public owned 20,036,329 common units.

Allocations of Net Income
Our partnership agreement contains provisions for the allocation of net income and loss to the unitholders. For purposes of maintaining partner capital accounts, the partnership agreement specifies that items of income and loss shall be allocated among the partners in accordance with their respective percentage interest. Normal allocations according to percentage interests are made after giving effect, if any, to priority income allocations in an amount equal to incentive cash distributions allocated 100% to ETP (prior to the ETP Merger, Susser).
The calculation of net income allocated to the partners is as follows (in thousands, except per unit amounts):
Attributable to Common Units
 
Three Months Ended
 
March 31, 2014
 
 
March 31, 2015
 
Predecessor
 
 
Successor
Distributions (a)
$
5,535

 
 
$
16,057

Distributions in excess of income
(450
)
 
 
(5,525
)
Limited partners' interest in net income
$
5,085

 
 
$
10,532

 
 
 
 
 
Attributable to Subordinated Units
 
Three Months Ended
 
March 31, 2014
 
 
March 31, 2015
 
Predecessor
 
 
Successor
Distributions (a)
$
5,491

 
 
$
7,056

Distributions in excess of income
(444
)
 
 
(2,275
)
Limited partners' interest in net income
$
5,047

 
 
$
4,781

 
 
 
 
 
(a) Distributions declared per unit to unitholders as of record date
$0.5021
 
 
$
0.6450



Incentive Distribution Rights
The following table illustrates the percentage allocations of available cash from operating surplus between the unitholders and the holder of our IDRs based on the specified target distribution levels. The amounts set forth under “marginal percentage interest in distributions” are the percentage interests of our IDR holder and the common unitholders in any available cash from operating surplus we distribute up to and including the corresponding amount in the column “total quarterly distribution per unit target amount”. The percentage interests shown for our unitholders and our IDR holder for the minimum quarterly distribution are also applicable to quarterly distribution amounts that are less than the minimum quarterly distribution. The percentage interests set forth below assume that there are no arrearages on common units. ETP has owned our IDRs since September 2014, prior to that date the IDRs were owned by Susser.
 
 
 
Marginal percentage interest in distributions
 
Total quarterly distribution per unit target amount
 
Unitholders
 
Holder of IDRs
Minimum Quarterly Distribution
$0.4375
 
100
%
 

First Target Distribution
Above $0.4375 up to $0.503125
 
100
%
 

Second Target Distribution
Above $0.503125 up to $0.546875
 
85
%
 
15
%
Third Target Distribution
Above $0.546875 up to $0.656250
 
75
%
 
25
%
Thereafter
Above $0.656250
 
50
%
 
50
%

Cash Distributions
Our partnership agreement, as amended, sets forth the calculation to be used to determine the amount and priority of cash distributions that the common and subordinated unitholders will receive. The following table summarizes the cash distributions paid or payable for 2015.
Payment Date
 
Per Unit Distribution
 
Total Cash Distribution
 
Distribution to IDR Holders
 
 
 
 
( in thousands)
 
 
May 29, 2015
 
$
0.6450

 
$
23,113

 
$
1,448

February 27, 2015
 
$
0.6000

 
$
21,023

 
$
891