EARNINGS PER COMMON UNIT

6 Months Ended

Jun. 30, 2021

The net income (loss) per common unit on the condensed consolidated statements of operations is based on the net income (loss) of the Partnership for the three and six months ended June 30, 2021 and 2020, which is the amount of net income (loss) attributable to the Partnership’s common units.

The Partnership’s net income (loss) is allocated wholly to the common units, as the General Partner does not have an economic interest. Payments made to the Partnership’s unitholders are determined in relation to the cash distribution policy described in Note 7—Unitholders' Equity and Partnership Distributions.

Basic net income (loss) per common unit is calculated by dividing net income (loss) by the weighted-average number of common units outstanding during the period. Diluted net income (loss) per common unit gives effect, when applicable, to unvested common units granted under the LTIP.

A reconciliation of the components of basic and diluted earnings per common unit is presented in the table below:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(In thousands, except per unit amounts)
Net income (loss) attributable to the period	$	4,662	$	(21,752)	$	1,642	$	(163,921)
Less: net income (loss) allocated to participating securities(1)	(55)		(4)		(79)		(24)
Net income (loss) attributable to common unitholders	$	4,607	$	(21,756)	$	1,563	$	(163,945)


Weighted average common units outstanding:
Basic weighted average common units outstanding	64,672		67,831		65,014		67,827
Effect of dilutive securities:
Potential common units issuable(2)	123		—		137		—
Diluted weighted average common units outstanding	64,795		67,831		65,151		67,827
Net income (loss) per common unit, basic	$	0.07	$	(0.32)	$	0.03	$	(2.42)
Net income (loss) per common unit, diluted	$	0.07	$	(0.32)	$	0.03	$	(2.42)

(1) Distribution equivalent rights granted to employees are considered participating securities.

(2) For the three and six months ended June 30, 2021, 39 and 4,974 potential common units, respectively, were excluded from the computation of diluted earnings per common unit because their inclusion would have been anti-dilutive. For the three and six months ended June 30, 2020, no potential common units were included in the computation of diluted earnings per common unit because their inclusion would have been anti-dilutive as a result of recording a net loss attributable to the common unitholders for the period.