Delaware | 001-37365 | 47-3159268 | ||
(State or Other Jurisdiction of Incorporation or Organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
4200 W. 115th Street, Suite 350 Leawood, Kansas | 66211 | |
(Address of Principal Executive Offices) | (Zip Code) |
Item 2.02. | Results of Operations and Financial Condition. |
Item 7.01. | Regulation FD Disclosure. |
Item 9.01. | Financial Statements and Exhibits. |
(d) | Exhibits |
TALLGRASS ENERGY GP, LP | ||||
By: | TEGP Management, LLC | |||
its general partner | ||||
Date: | May 3, 2018 | By: | /s/ David G. Dehaemers, Jr. | |
David G. Dehaemers, Jr. | ||||
President and Chief Executive Officer |
Three Months Ended March 31, | |||||||
(in thousands, except coverage and per unit data) | 2018 | 2017 | |||||
Net income attributable to partners | $ | 107,884 | $ | 70,905 | |||
Add: | |||||||
Interest expense, net | 28,184 | 14,689 | |||||
Depreciation and amortization expense(1) | 25,854 | 21,867 | |||||
Distributions from unconsolidated investments | 65,857 | 30,819 | |||||
Non-cash compensation expense(2) | 2,755 | 1,458 | |||||
Less: | |||||||
Equity in earnings of unconsolidated investments | (53,406 | ) | (20,738 | ) | |||
Gain on disposal of assets | (9,417 | ) | (1,448 | ) | |||
Non-cash gain related to derivative instruments(1) | (2,674 | ) | (2,441 | ) | |||
Adjusted EBITDA(3) | $ | 165,037 | $ | 115,111 | |||
Add: | |||||||
Deficiency payments received, net(1) | 11,195 | 16,071 | |||||
Less: | |||||||
Cash interest cost | (27,001 | ) | (13,567 | ) | |||
Maintenance capital expenditures, net | (3,030 | ) | (63 | ) | |||
Distributable Cash Flow(3) | 146,201 | 117,552 | |||||
Less: | |||||||
Distributions | (112,453 | ) | (91,366 | ) | |||
Amounts in excess of distributions(4) | $ | 33,748 | $ | 26,186 | |||
Distribution coverage | 1.30 | x | 1.29 | x | |||
Common units outstanding(5) | 73,200 | 72,438 | |||||
Distribution per common unit | $ | 0.9750 | $ | 0.8350 |
(1) | Net of noncontrolling interest. |
(5) | Common units represent the number of units as of the date of record for the first quarter distributions in both 2018 and 2017. |
Three Months Ended March 31, | |||
(in thousands) | 2018 | ||
Adjusted EBITDA | $ | 165,037 | |
Add: | |||
Volumetric deficiency payments received, net(1) | 11,195 | ||
Alternative Adjusted EBITDA(2) | $ | 176,232 |
(2) | Alternative Adjusted EBITDA shows what TEP's Adjusted EBITDA would have been for the period presented if TEP included net volumetric deficiency payments from shippers' firm, take-or-pay contracts in calculating Adjusted EBITDA. TEP's reported distributable cash flow and distribution coverage would remain unchanged. |
Three Months Ended March 31, | ||||||||
2018 | 2017 | |||||||
(in thousands) | ||||||||
Natural Gas Transportation | ||||||||
Operating income | $ | 19,384 | $ | 18,168 | ||||
Add: | ||||||||
Depreciation and amortization expense | 4,827 | 4,783 | ||||||
Distributions from unconsolidated investment | 65,857 | 30,125 | ||||||
Other income, net | 451 | 70 | ||||||
Less: | ||||||||
Non-cash gain related to derivative instruments | — | (116 | ) | |||||
Segment Adjusted EBITDA | $ | 90,519 | $ | 53,030 | ||||
Three Months Ended March 31, | ||||||||
2018 | 2017 | |||||||
(in thousands) | ||||||||
Crude Oil Transportation | ||||||||
Operating income | $ | 46,527 | $ | 43,725 | ||||
Add: | ||||||||
Depreciation and amortization expense(2) | 13,279 | 13,287 | ||||||
Less: | ||||||||
Adjusted EBITDA attributable to noncontrolling interests | (350 | ) | (871 | ) | ||||
Non-cash gain related to derivative instruments(2) | — | (650 | ) | |||||
Segment Adjusted EBITDA | $ | 59,456 | $ | 55,491 | ||||
Three Months Ended March 31, | ||||||||
2018 | 2017 | |||||||
(in thousands) | ||||||||
Gathering, Processing & Terminalling | ||||||||
Operating income | $ | 23,305 | $ | 5,106 | ||||
Add: | ||||||||
Depreciation and amortization expense(2) | 7,112 | 3,797 | ||||||
Non-cash (gain) loss related to derivative instruments | (2,674 | ) | 210 | |||||
Distributions from unconsolidated investment | — | 694 | ||||||
Less: | ||||||||
Gain on disposal of assets | (9,417 | ) | (1,448 | ) | ||||
Adjusted EBITDA attributable to noncontrolling interests | (1,411 | ) | (8 | ) | ||||
Segment Adjusted EBITDA | $ | 16,915 | $ | 8,351 |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
Distributions to Tallgrass Equity | |||||||
TEP General partner interest(1) | $ | 1,267 | $ | 1,040 | |||
TEP Incentive Distribution Rights(1) | 39,816 | 29,840 | |||||
TEP common units owned by Tallgrass Equity (25.6 million and 20 million at March 31, 2018 and March 31, 2017, respectively)(1) | 24,979 | 16,700 | |||||
Distributions from REX | 21,976 | — | |||||
Total distributions to Tallgrass Equity | 88,038 | 47,580 | |||||
Less: | |||||||
Cash interest expense attributable to Tallgrass Equity | (1,459 | ) | (1,209 | ) | |||
Cash general and administrative expenses attributable to Tallgrass Equity(2) | (2,000 | ) | (500 | ) | |||
Cash available for distribution by Tallgrass Equity | 84,579 | 45,871 | |||||
Distributions to Class A (TEGP) | 28,316 | 16,697 | |||||
Distributions to Class B (Exchange Right Holders) | 61,771 | 28,507 | |||||
Total cash distributions by Tallgrass Equity | $ | 90,087 | $ | 45,204 | |||
TEGP | |||||||
Distributions from Tallgrass Equity | $ | 28,316 | $ | 16,697 | |||
Less: | |||||||
Distributions to Class A shareholders | (28,316 | ) | (16,697 | ) | |||
Amounts in excess of distributions | $ | — | $ | — | |||
Distribution coverage | 1.00 | x | 1.00 | x | |||
Class A shares outstanding | 58,085 | 58,075 | |||||
Distribution per Class A share | $ | 0.4875 | $ | 0.2875 |
(1) | The three-month periods ended March 31, 2018, and March 31, 2017, include distributions expected to be received or received by Tallgrass Equity from TEP's distribution for the quarters ended March 31, 2018, and March 31, 2017, respectively. |
(2) | General and administrative expenses for the quarter ended March 31, 2018, include $1.5 million in expenses attributable to the TEGP Merger Agreement and Tallgrass Equity's acquisition of an additional 25.01% membership interest in Rockies Express and additional TEP common units. |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in thousands) | |||||||
Rockies Express Pipeline LLC | |||||||
Net income | $ | 90,968 | $ | 66,250 | |||
Add: | |||||||
Interest expense, net | 41,970 | 41,826 | |||||
Depreciation and amortization expense | 54,862 | 54,191 | |||||
Adjusted EBITDA | 187,800 | 162,267 | |||||
Less: | |||||||
Cash interest cost | (41,136 | ) | (40,992 | ) | |||
Change in contract asset | (15,575 | ) | — | ||||
Maintenance capital expenditures | (3,796 | ) | (3,581 | ) | |||
Distributable Cash Flow | $ | 127,293 | $ | 117,694 | |||
Distributions to Members | $ | (131,740 | ) | $ | (120,501 | ) | |
Contributions from Members | $ | 4,728 | $ | 26,771 |
• | our operating performance as compared to other publicly traded partnerships in the midstream energy industry, without regard to historical cost basis or, in the case of Adjusted EBITDA, financing methods; |
• | the ability of our assets to generate sufficient cash flow to make distributions to our unitholders; |
• | our ability to incur and service debt and fund capital expenditures; and |
• | the viability of acquisitions and other capital expenditure projects and the returns on investment of various expansion and growth opportunities. |
March 31, 2018 | December 31, 2017 | ||||||
(in thousands) | |||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 4,065 | $ | 1,809 | |||
Accounts receivable, net | 131,401 | 118,615 | |||||
Receivable from related parties | 4,472 | 1,340 | |||||
Gas imbalances | 822 | 1,990 | |||||
Inventories | 32,147 | 21,609 | |||||
Derivative assets | 306 | — | |||||
Prepayments and other current assets | 10,946 | 11,175 | |||||
Total Current Assets | 184,159 | 156,538 | |||||
Property, plant and equipment, net | 2,498,715 | 2,394,337 | |||||
Goodwill | 404,838 | 404,838 | |||||
Intangible assets, net | 136,554 | 97,731 | |||||
Unconsolidated investments | 950,587 | 909,531 | |||||
Deferred financing costs, net | 11,008 | 11,684 | |||||
Deferred charges and other assets | 5,018 | 2,694 | |||||
Total Assets | $ | 4,190,879 | $ | 3,977,353 | |||
LIABILITIES AND EQUITY | |||||||
Current Liabilities: | |||||||
Accounts payable | $ | 119,932 | $ | 98,882 | |||
Accounts payable to related parties | 64 | 5,461 | |||||
Gas imbalances | 1,616 | 1,663 | |||||
Derivative liabilities | — | 2,368 | |||||
Accrued taxes | 24,181 | 19,272 | |||||
Accrued liabilities | 36,894 | 35,659 | |||||
Deferred revenue | 99,922 | 88,471 | |||||
Other current liabilities | 7,816 | 7,171 | |||||
Total Current Liabilities | 290,425 | 258,947 | |||||
Long-term debt, net | 2,302,014 | 2,146,993 | |||||
Other long-term liabilities and deferred credits | 19,628 | 18,965 | |||||
Total Long-term Liabilities | 2,321,642 | 2,165,958 | |||||
Commitments and Contingencies | |||||||
Equity: | |||||||
Limited partners (73,199,753 common units outstanding at March 31, 2018 and December 31, 2017) | 2,152,036 | 2,109,316 | |||||
General partner (834,391 units outstanding at March 31, 2018 and December 31, 2017) | (640,536 | ) | (625,537 | ) | |||
Total Partners' Equity | 1,511,500 | 1,483,779 | |||||
Noncontrolling interests | 67,312 | 68,669 | |||||
Total Equity | 1,578,812 | 1,552,448 | |||||
Total Liabilities and Equity | $ | 4,190,879 | $ | 3,977,353 |
Three Months Ended March 31, | ||||||||
2018 | 2017 | |||||||
(in thousands, except per unit amounts) | ||||||||
Revenues: | ||||||||
Crude oil transportation services | $ | 84,738 | $ | 84,331 | ||||
Natural gas transportation services | 32,196 | 31,685 | ||||||
Sales of natural gas, NGLs, and crude oil | 38,145 | 15,381 | ||||||
Processing and other revenues | 24,015 | 13,003 | ||||||
Total Revenues | 179,094 | 144,400 | ||||||
Operating Costs and Expenses: | ||||||||
Cost of sales | 26,351 | 12,370 | ||||||
Cost of transportation services | 10,420 | 13,503 | ||||||
Operations and maintenance | 16,399 | 12,903 | ||||||
Depreciation and amortization | 26,123 | 21,403 | ||||||
General and administrative | 16,367 | 13,663 | ||||||
Taxes, other than income taxes | 8,879 | 8,226 | ||||||
Gain on disposal of assets | (9,417 | ) | (1,448 | ) | ||||
Total Operating Costs and Expenses | 95,122 | 80,620 | ||||||
Operating Income | 83,972 | 63,780 | ||||||
Other Income (Expense): | ||||||||
Equity in earnings of unconsolidated investments | 53,406 | 20,738 | ||||||
Interest expense, net | (28,184 | ) | (14,689 | ) | ||||
Other income, net | 451 | 1,955 | ||||||
Total Other Income (Expense) | 25,673 | 8,004 | ||||||
Net income | 109,645 | 71,784 | ||||||
Net income attributable to noncontrolling interests | (1,761 | ) | (879 | ) | ||||
Net income attributable to partners | $ | 107,884 | $ | 70,905 | ||||
Allocation of income to the limited partners: | ||||||||
Net income attributable to partners | $ | 107,884 | $ | 70,905 | ||||
General partner interest in net income | (41,032 | ) | (30,583 | ) | ||||
Net income available to common unitholders | 66,852 | 40,322 | ||||||
Basic net income per common unit | $ | 0.91 | $ | 0.56 | ||||
Diluted net income per common unit | $ | 0.91 | $ | 0.55 | ||||
Basic average number of common units outstanding | 73,200 | 72,544 | ||||||
Diluted average number of common units outstanding | 73,675 | 73,580 |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in thousands) | |||||||
Cash Flows from Operating Activities: | |||||||
Net income | $ | 109,645 | $ | 71,784 | |||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||
Depreciation and amortization | 27,502 | 23,575 | |||||
Equity in earnings of unconsolidated investments | (53,406 | ) | (20,738 | ) | |||
Distributions from unconsolidated investments | 52,064 | 20,740 | |||||
Gain on disposal of assets | (9,417 | ) | (1,448 | ) | |||
Other noncash items, net | 148 | (1,674 | ) | ||||
Changes in components of working capital: | |||||||
Accounts receivable and other | (12,015 | ) | 2,450 | ||||
Accounts payable and accrued liabilities | 14,775 | (5,691 | ) | ||||
Deferred revenue | 10,750 | 16,202 | |||||
Other current assets and liabilities | (1,596 | ) | (819 | ) | |||
Other operating, net | 108 | (140 | ) | ||||
Net Cash Provided by Operating Activities | 138,558 | 104,241 | |||||
Cash Flows from Investing Activities: | |||||||
Acquisition of BNN North Dakota, net of cash acquired | (95,000 | ) | — | ||||
Capital expenditures | (58,760 | ) | (26,769 | ) | |||
Sale of Tallgrass Crude Gathering | 50,046 | — | |||||
Acquisition of 38% membership interest in Deeprock North | (19,500 | ) | — | ||||
Distributions from unconsolidated investments in excess of cumulative earnings | 13,793 | 10,079 | |||||
Acquisition of Rockies Express membership interest | — | (400,000 | ) | ||||
Acquisition of Terminals and NatGas | — | (140,000 | ) | ||||
Other investing, net | (19,616 | ) | (5,352 | ) | |||
Net Cash Used in Investing Activities | (129,037 | ) | (562,042 | ) | |||
Cash Flows from Financing Activities: | |||||||
Borrowings under revolving credit facility, net | 155,000 | 552,000 | |||||
Distributions to unitholders | (111,014 | ) | (88,159 | ) | |||
Acquisition of Pony Express membership interest | (50,000 | ) | — | ||||
Proceeds from public offering, net of offering costs | — | 99,373 | |||||
Partial exercise of call option | — | (72,381 | ) | ||||
Repurchase of common units from TD | — | (35,335 | ) | ||||
Other financing, net | (1,251 | ) | 1,628 | ||||
Net Cash (Used in) Provided by Financing Activities | (7,265 | ) | 457,126 | ||||
Net Change in Cash and Cash Equivalents | 2,256 | (675 | ) | ||||
Cash and Cash Equivalents, beginning of period | 1,809 | 1,873 | |||||
Cash and Cash Equivalents, end of period | $ | 4,065 | $ | 1,198 | |||
Schedule of Noncash Investing and Financing Activities: | |||||||
Contribution of 38% membership interest in Deeprock North to Deeprock Development | $ | (19,500 | ) | $ | — | ||
Issuance of noncontrolling interests in Deeprock Development in exchange for 62% membership interest in Deeprock North | $ | (31,843 | ) | $ | — | ||
Increase in accrual for payment of property, plant and equipment | $ | 1,336 | $ | — |
March 31, 2018 | December 31, 2017 | ||||||||||||||||||||||
TEP | Consolidating Adjustments (1) | TEGP | TEP | Consolidating Adjustments (1) | TEGP | ||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Current Assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 4,065 | $ | 190 | $ | 4,255 | $ | 1,809 | $ | 784 | $ | 2,593 | |||||||||||
Accounts receivable, net | 131,401 | — | 131,401 | 118,615 | — | 118,615 | |||||||||||||||||
Receivable from related parties | 4,472 | — | 4,472 | 1,340 | — | 1,340 | |||||||||||||||||
Gas imbalances | 822 | — | 822 | 1,990 | — | 1,990 | |||||||||||||||||
Inventories | 32,147 | — | 32,147 | 21,609 | — | 21,609 | |||||||||||||||||
Derivative assets | 306 | — | 306 | — | — | — | |||||||||||||||||
Prepayments and other current assets | 10,946 | 74 | 11,020 | 11,175 | — | 11,175 | |||||||||||||||||
Total Current Assets | 184,159 | 264 | 184,423 | 156,538 | 784 | 157,322 | |||||||||||||||||
Property, plant and equipment, net | 2,498,715 | — | 2,498,715 | 2,394,337 | — | 2,394,337 | |||||||||||||||||
Goodwill | 404,838 | — | 404,838 | 404,838 | — | 404,838 | |||||||||||||||||
Intangible assets, net | 136,554 | — | 136,554 | 97,731 | — | 97,731 | |||||||||||||||||
Unconsolidated investments | 950,587 | 495,452 | 1,446,039 | 909,531 | — | 909,531 | |||||||||||||||||
Deferred tax asset | — | 306,304 | 306,304 | — | 312,997 | 312,997 | |||||||||||||||||
Deferred financing costs, net | 11,008 | 761 | 11,769 | 11,684 | 879 | 12,563 | |||||||||||||||||
Deferred charges and other assets | 5,018 | — | 5,018 | 2,694 | — | 2,694 | |||||||||||||||||
Total Assets | $ | 4,190,879 | $ | 802,781 | $ | 4,993,660 | $ | 3,977,353 | $ | 314,660 | $ | 4,292,013 | |||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||||
Accounts payable | $ | 119,932 | $ | 1,440 | $ | 121,372 | $ | 98,882 | $ | — | $ | 98,882 | |||||||||||
Accounts payable to related parties | 64 | (64 | ) | — | 5,461 | (119 | ) | 5,342 | |||||||||||||||
Gas imbalances | 1,616 | — | 1,616 | 1,663 | — | 1,663 | |||||||||||||||||
Derivative liabilities | — | — | — | 2,368 | — | 2,368 | |||||||||||||||||
Accrued taxes | 24,181 | — | 24,181 | 19,272 | — | 19,272 | |||||||||||||||||
Accrued liabilities | 36,894 | 134 | 37,028 | 35,659 | 48 | 35,707 | |||||||||||||||||
Deferred revenue | 99,922 | — | 99,922 | 88,471 | — | 88,471 | |||||||||||||||||
Other current liabilities | 7,816 | — | 7,816 | 7,171 | — | 7,171 | |||||||||||||||||
Total Current Liabilities | 290,425 | 1,510 | 291,935 | 258,947 | (71 | ) | 258,876 | ||||||||||||||||
Long-term debt, net | 2,302,014 | 124,000 | 2,426,014 | 2,146,993 | 146,000 | 2,292,993 | |||||||||||||||||
Other long-term liabilities and deferred credits | 19,628 | — | 19,628 | 18,965 | — | 18,965 | |||||||||||||||||
Total Long-term Liabilities | 2,321,642 | 124,000 | 2,445,642 | 2,165,958 | 146,000 | 2,311,958 | |||||||||||||||||
Equity: | |||||||||||||||||||||||
Total Partners' Equity | 1,511,500 | (1,495,885 | ) | 15,615 | 1,483,779 | (1,435,166 | ) | 48,613 | |||||||||||||||
Noncontrolling interests | 67,312 | 2,173,156 | 2,240,468 | 68,669 | 1,603,897 | 1,672,566 | |||||||||||||||||
Total Equity | 1,578,812 | 677,271 | 2,256,083 | 1,552,448 | 168,731 | 1,721,179 | |||||||||||||||||
Total Liabilities and Equity | $ | 4,190,879 | $ | 802,781 | $ | 4,993,660 | $ | 3,977,353 | $ | 314,660 | $ | 4,292,013 |
(1) | Represents the aggregate consolidating adjustments necessary to produce consolidated financial statements for TEGP. |
Three Months Ended March 31, 2018 | Three Months Ended March 31, 2017 | ||||||||||||||||||||||
TEP | Consolidating Adjustments (1) | TEGP | TEP | Consolidating Adjustments (1) | TEGP | ||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Crude oil transportation services | $ | 84,738 | $ | — | $ | 84,738 | $ | 84,331 | $ | — | $ | 84,331 | |||||||||||
Natural gas transportation services | 32,196 | — | 32,196 | 31,685 | — | 31,685 | |||||||||||||||||
Sales of natural gas, NGLs, and crude oil | 38,145 | — | 38,145 | 15,381 | — | 15,381 | |||||||||||||||||
Processing and other revenues | 24,015 | — | 24,015 | 13,003 | — | 13,003 | |||||||||||||||||
Total Revenues | 179,094 | — | 179,094 | 144,400 | — | 144,400 | |||||||||||||||||
Operating Costs and Expenses: | |||||||||||||||||||||||
Cost of sales | 26,351 | — | 26,351 | 12,370 | — | 12,370 | |||||||||||||||||
Cost of transportation services | 10,420 | — | 10,420 | 13,503 | — | 13,503 | |||||||||||||||||
Operations and maintenance | 16,399 | — | 16,399 | 12,903 | — | 12,903 | |||||||||||||||||
Depreciation and amortization | 26,123 | — | 26,123 | 21,403 | — | 21,403 | |||||||||||||||||
General and administrative | 16,367 | 2,059 | 18,426 | 13,663 | 554 | 14,217 | |||||||||||||||||
Taxes, other than income taxes | 8,879 | — | 8,879 | 8,226 | — | 8,226 | |||||||||||||||||
Gain on disposal of assets | (9,417 | ) | — | (9,417 | ) | (1,448 | ) | — | (1,448 | ) | |||||||||||||
Total Operating Costs and Expenses | 95,122 | 2,059 | 97,181 | 80,620 | 554 | 81,174 | |||||||||||||||||
Operating Income | 83,972 | (2,059 | ) | 81,913 | 63,780 | (554 | ) | 63,226 | |||||||||||||||
Other Income (Expense): | |||||||||||||||||||||||
Equity in earnings of unconsolidated investments | 53,406 | 14,996 | 68,402 | 20,738 | — | 20,738 | |||||||||||||||||
Interest expense, net | (28,184 | ) | (1,577 | ) | (29,761 | ) | (14,689 | ) | (1,328 | ) | (16,017 | ) | |||||||||||
Other income, net | 451 | — | 451 | 1,955 | — | 1,955 | |||||||||||||||||
Total Other Income (Expense) | 25,673 | 13,419 | 39,092 | 8,004 | (1,328 | ) | 6,676 | ||||||||||||||||
Net income before tax | 109,645 | 11,360 | 121,005 | 71,784 | (1,882 | ) | 69,902 | ||||||||||||||||
Deferred income tax expense | — | (6,692 | ) | (6,692 | ) | — | (2,664 | ) | (2,664 | ) | |||||||||||||
Net income | 109,645 | 4,668 | 114,313 | 71,784 | (4,546 | ) | 67,238 | ||||||||||||||||
Net income attributable to noncontrolling interests | (1,761 | ) | (95,817 | ) | (97,578 | ) | (879 | ) | (54,330 | ) | (55,209 | ) | |||||||||||
Net income attributable to TEGP | $ | 107,884 | $ | (91,149 | ) | $ | 16,735 | $ | 70,905 | $ | (58,876 | ) | $ | 12,029 | |||||||||
Allocation of income: | |||||||||||||||||||||||
Net income attributable to TEGP | $ | 16,735 | $ | 12,029 | |||||||||||||||||||
Basic net income per Class A share | $ | 0.29 | $ | 0.21 | |||||||||||||||||||
Diluted net income per Class A share | $ | 0.29 | $ | 0.21 | |||||||||||||||||||
Basic average number of Class A shares outstanding | 58,085 | 58,075 | |||||||||||||||||||||
Diluted average number of Class A shares outstanding | 58,210 | 58,165 |
(1) | Represents the aggregate consolidating adjustments necessary to produce consolidated financial statements for TEGP. |