Net Earnings (Loss) Per Common Unitholders' Interest

9 Months Ended

Apr. 30, 2015

Earnings Per Share [Abstract]

Net Earning Per Common Unitholders' Interest

Net earnings per common unitholders’ interest

Below is a calculation of the basic and diluted net earnings per common unitholders’ interest in the condensed consolidated statements of earnings for the periods indicated. 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 according to the incentive distribution rights in our Partnership Agreement. Due to the seasonality of the propane business, the dilutive effect of the two-class method typically impacts only the three months ending January 31. 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 as follows:

	Ratio of total distributions payable to:
Quarterly distribution per common unit	Common unitholder		General partner
$0.56 to $0.63	86.9	%	13.1	%
$0.64 to $0.82	76.8	%	23.2	%
$0.83 and above	51.5	%	48.5	%

There was no dilutive effect resulting from this guidance based on basic and diluted net earnings per common unitholders' interest for the three months ended April 30, 2015 or 2014 and for the nine months ended April 30, 2015 or 2014.

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 Ferrellgas Partners’ partnership agreement that would apply to periods in which there were no undistributed earnings. Additionally, there are no dilutive securities in periods with net losses.

	For the three months ended April 30,				For the nine months ended April 30,
	2015		2014		2015		2014
	(in thousands, except per unitholders' interest amounts)
Common unitholders’ interest in net earnings	$	35,454	$	44,931	$	87,511	$	80,196
Weighted average common units outstanding - basic	82,717.6		79,177.8		82,536.1		79,127.1
Dilutive securities	5.7		9.4		7.2		24.5
Weighted average common units outstanding - diluted	82,723.3		79,187.2		82,543.3		79,151.6
Basic and diluted net earnings per common unitholders’ interest	$	0.43	$	0.57	$	1.06	$	1.01