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Members' Equity (Tables)
6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Summary of Repurchase Agreements
The table below provides a summary of the Board’s authorizations of the 2023 and 2024 common unit repurchase programs.
DateBoard ActionAuthorized Amount
(in millions)(1)
December 2022Reauthorization of common unit repurchase program and set amount available for repurchases for 2023$200 
November 2023Increase in 2023 common unit repurchase program$50 
December 2023Reauthorization of common unit repurchase program and set amount available for repurchases for 2024$200 
July 2024
Increase in 2024 common unit repurchase program
$50 
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(1)The authorized amount includes repurchases of common units held by GIP. Refer to “Note 4—Related Party Transactions” for more information on our ENLC common unit repurchase agreement with GIP.
The following table summarizes our ENLC common unit repurchase activity for the periods presented (in millions, except for unit amounts):
Three Months Ended
June 30,
Six Months Ended
June 30,
2024202320242023
Publicly held ENLC common units2,035,157 3,230,504 4,201,962 5,437,809 
ENLC common units held by GIP (1)1,862,695 1,910,877 5,143,332 4,147,987 
Total ENLC common units3,897,852 5,141,381 9,345,294 9,585,796 
Aggregate cost for publicly held ENLC common units$27.1 $32.2 $54.0 $59.0 
Aggregate cost for ENLC common units held by GIP23.1 23.2 64.6 47.8 
Excise tax on common unit repurchases(0.2)0.7 — 0.7 
Total aggregate cost for ENLC common units$50.0 $56.1 $118.6 $107.5 
Average price paid per publicly held ENLC common unit (2)$13.32 $9.96 $12.85 $10.85 
Average price paid per ENLC common unit held by GIP (2)(3)$12.40 $12.12 $12.56 $11.53 
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(1)The units repurchased in each quarter represent GIP’s pro rata share of the aggregate number of common units repurchased by us under our common unit repurchase program during the prior quarter.
(2)The average price paid per common unit excludes excise tax on common unit repurchases.
(3)The per unit price we paid to GIP in each quarter was the average per unit price paid by us for publicly held ENLC common units repurchased in the prior quarter, less broker commissions.
Computation of Basic and Diluted Earnings per Limited Partner Unit The following table reflects the computation of basic and diluted earnings per unit for the periods presented (in millions, except per unit amounts):
Three Months Ended
June 30,
Six Months Ended
June 30,
2024202320242023
Distributed earnings allocated to:
Common units (1)$59.8 $57.8 $119.6 $116.4 
Unvested unit-based awards (1)0.8 1.0 1.5 1.9 
Total distributed earnings$60.6 $58.8 $121.1 $118.3 
Distribution in excess of earnings:
Common units$(27.4)$(4.4)$(72.8)$(5.7)
Unvested unit-based awards(0.3)(0.1)(0.9)(0.1)
Total distribution in excess of earnings$(27.7)$(4.5)$(73.7)$(5.8)
Net income attributable to ENLC allocated to:
Common units (2)$32.4 $53.4 $46.8 $110.7 
Unvested unit-based awards (2)0.5 0.9 0.6 1.8 
Total net income attributable to ENLC (2)$32.9 $54.3 $47.4 $112.5 
Net income attributable to ENLC per unit:
Basic (2)$0.07 $0.12 $0.11 $0.24 
Diluted (2)$0.07 $0.12 $0.10 $0.24 
____________________________
(1)Represents distribution activity consistent with the distribution activity table below.
(2)Includes the loss on exchange of Series B Preferred Units.

The following are the unit amounts used to compute the basic and diluted earnings per unit for the periods presented (in millions):
Three Months Ended
June 30,
Six Months Ended
June 30,
2024202320242023
Basic weighted average units outstanding:
Weighted average common units outstanding451.4 462.7 451.3 465.8 
Diluted weighted average units outstanding:
Weighted average basic common units outstanding451.4 462.7 451.3 465.8 
Dilutive effect of unvested restricted units2.7 4.0 2.7 4.1 
Total weighted average diluted common units outstanding454.1 466.7 454.0 469.9 
Summary of Distribution Activity
A summary of our distribution activity related to the ENLC common units for the six months ended June 30, 2024 and 2023, respectively, is provided below:
Declaration periodDistribution/unitDate paid/payable
2024
Fourth Quarter of 2023$0.1325 February 9, 2024
First Quarter of 2024$0.1325 May 14, 2024
Second Quarter of 2024$0.1325 August 14, 2024
2023
Fourth Quarter of 2022$0.1250 February 13, 2023
First Quarter of 2023$0.1250 May 12, 2023
Second Quarter of 2023$0.1250 August 11, 2023