Net Income Per Unit (Tables)

12 Months Ended

Dec. 31, 2020

The calculation of net income per unit is as follows (dollars in thousands, except units and per unit amounts):


	Year Ended December 31,
	2020		2019		2018
Net income attributable to partners	$	159,256	$	96,749	$	90,182
Less: General partner's distribution (including IDRs) (1)	18,618		33,492		25,777
Less: Limited partners' distribution	127,070		83,873		76,113
Earning in excess (deficit) of distributions	$	13,568	$	(20,616)	$	(11,708)

General partner's earnings:
Distributions (including IDRs) (1)	$	18,618	$	33,492	$	25,777
Allocation of earnings in excess (deficit) of distributions	106		(412)		(234)
Total general partner's earnings	$	18,724	$	33,080	$	25,543

Limited partners' earnings on common units:
Distributions	$	127,070	$	83,873	$	76,113
Allocation of earnings in excess (deficit) of distributions	13,462		(20,204)		(11,474)
Total limited partners' earnings on common units	$	140,532	$	63,669	$	64,639

Weighted average limited partner units outstanding:
Common units - basic	33,594,284		24,413,294		24,390,286
Common units - diluted	33,597,418		24,418,641		24,396,881

Net income per limited partner unit:
Common - basic	$	4.18	$	2.61	$	2.65
Common - diluted (2)	$	4.18	$	2.61	$	2.65

(1) Prior to August 13, 2020, general partner distributions (including IDRs) consist of the 2% general partner interest and IDRs, which represent the right of the general partner to receive increasing percentages of quarterly distributions of available cash from operating surplus in excess of 0.43125 per unit per quarter. In connection with the IDR Restructuring Transaction on August 13, 2020, the IDRs were eliminated and the general partner interest became a non-economic general partner interest. See Note 12 for further discussion related to IDRs.

(2) There were 5,201 and 1,776 outstanding common unit equivalents excluded from the diluted earnings per unit calculation during both years ended December 31, 2020 and 2018. There were no outstanding common unit equivalents excluded from the diluted earnings per unit calculation for the year ended December 31, 2019, as these common unit equivalents did not have a dilutive effect under the treasury stock method.