Net loss per unitholders' interest

3 Months Ended

Oct. 31, 2023

Net loss per unitholders' interest

Net loss per unitholders' interest

M.    Net loss per unitholders’ interest

Below is a calculation of the basic and diluted net loss per Class A Unitholders’ interest in the condensed consolidated statements of operations for the periods indicated:

	For the three months ended October 31,
	2023		2022
Net loss attributable to Ferrellgas Partners, L.P.	$	(17,556)	$	(4,545)
Less: Distributions to preferred unitholders		16,251		16,251
Less: General partner’s interest in net loss		(175)		(45)
Undistributed net loss attributable to Class A unitholders		(33,632)		(20,751)
Weighted average Class A Units outstanding (in thousands)		4,857.6		4,857.6
Basic and diluted net loss per Class A Unit	$	(6.92)	$	(4.27)

Class B Units considerations

The Class B Units meet the definition of a participating security and the two-class method is required. For any periods in which earnings are recognized, the earnings will first be allocated 100% to the Class B Units until the allocation equals the cumulative amount of all distributions paid to the Class B Units. Any remaining undistributed net earnings will be allocated between the Class B Units and the Class A Units on a six-to-one basis as if all undistributed earnings had been distributed to each class of units in accordance with their distribution rights. For any periods in which losses are recognized, no effect is given to the Class B Units as they do not contractually participate in the losses of Ferrellgas. In addition, Ferrellgas has the option to redeem all, but not less than all, of the Class B Units outstanding at any time on or prior to March 30, 2026 for cash. This call option does not impact the dilutive effect of net loss per Class A Unit due to the cash-only redemption provision, which is assumed, and therefore there would be no dilutive effect.