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Net Earnings (Loss) Per Common Unitholders' Interest
 6 Months Ended
Jan. 31, 2013
Earnings Per Share [Abstract]  
Net Earnings (Loss) Per Common Unitholders' Interest
K.    Net earnings per common unitholders’ interest
 
Below is a calculation of the basic and diluted net earnings available per common unitholders’ interest in the condensed consolidated statements of earnings for the periods indicated. In accordance with guidance issued by the FASB regarding participating securities and the two-class method, Ferrellgas calculates net earnings (loss) per common unitholders’ interest for each period presented according to distributions declared and participation rights in undistributed earnings, as if all of the earnings or loss for the period had been distributed. In periods with undistributed earnings above certain levels, the calculation according to the two-class method results in an increased allocation of undistributed earnings to the general partner and a dilution of the earnings to the limited partners. Due to the seasonality of the propane business, the dilution effect of the guidance on the two-class method typically impacts only the three months ending January 31. The dilutive effect resulting from this guidance on basic and diluted net earnings per common unitholders' interest was $0.03 for the three months ended January 31, 2013. This guidance did not result in a dilutive effect for the three or six months ended January 31, 2012, nor for the six months ended January 31, 2013.
 
In periods with net losses, the allocation of the net losses to the limited partners and the general partner will be determined based on the same allocation basis specified in the Ferrellgas Partners’ partnership agreement that would apply to periods in which there were no undistributed earnings. Additionally, in periods with net losses, there are no dilutive securities.


For the three months ended January 31,

For the six months ended January 31,


2013

2012

2013

2012
Common unitholders’ interest in net earnings

$
55,069


$
36,010


$
40,144


$
3,732










Weighted average common units outstanding (in thousands)

79,015.6


76,401.6


79,014.4


76,184.0










Dilutive securities

36.1


62.2


40.6


65.1










Weighted average common units outstanding plus dilutive securities

79,051.7


76,463.8


79,055.0


76,249.1










Basic and diluted net earnings per common unitholders’ interest

$
0.70


$
0.47


$
0.51


$
0.05