EARNINGS (LOSS) PER UNIT

6 Months Ended

Jun. 30, 2020

EARNINGS (LOSS) PER UNIT

EARNINGS (LOSS) PER UNIT

NOTE 11—EARNINGS (LOSS) PER UNIT

Basic earnings (loss) per unit (“EPU”) is calculated by dividing net income (loss) attributable to common units 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 restricted units granted under the Partnership’s LTIP for its employees, directors and consultants and potential conversion of Class B units.

The following table summarizes the calculation of weighted average common units outstanding used in the computation of diluted earnings (loss) per unit:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Net loss attributable to common units	$	(48,028,651)	$	(11,758,374)	$	(87,329,685)	$	(15,445,626)
Weighted average number of common units outstanding:
Basic		34,650,317		21,727,185		32,589,568		19,859,618
Effect of dilutive securities:
Series A preferred units		—		—		—		—
Class B units		—		—		—		—
Restricted units		—		—		—		—
Diluted		34,650,317		21,727,185		32,589,568		19,859,618
Net loss attributable to common units
Basic	$	(1.39)	$	(0.54)	$	(2.68)	$	(0.78)
Diluted	$	(1.39)	$	(0.54)	$	(2.68)	$	(0.78)

The calculation of diluted net loss per unit for the three and six months ended June 30, 2020 excludes the conversion of Series A preferred units to common units, the conversion of Class B units to common units and 1,512,938 of unvested restricted units because their inclusion in the calculation would be anti-dilutive. The calculation of diluted net loss per unit for the three and six months ended June 30, 2019 excludes the conversion of Series A preferred units to common units, the conversion of Class B units to common units and 976,684 unvested restricted units because their inclusion in the calculation would be anti-dilutive.