Earnings (Loss) Per Limited Partner Unit

9 Months Ended

Jun. 30, 2014

Earnings (Loss) Per Limited Partner Unit

14) Earnings (Loss) Per Limited Partner Unit

Income per limited partner unit is computed in accordance with FASB ASC 260-10-05 Earnings Per Share, Master Limited Partnerships (EITF 03-06), by dividing the limited partners’ interest in net income by the weighted average number of limited partner units outstanding. The pro forma nature of the allocation required by this standard provides that in any accounting period where the Partnership’s aggregate net income exceeds its aggregate distribution for such period, the Partnership is required to present net income per limited partner unit as if all of the earnings for the periods were distributed, regardless of whether those earnings would actually be distributed during a particular period from an economic or practical perspective. This allocation does not impact the Partnership’s overall net income or other financial results. However, for periods in which the Partnership’s aggregate net income exceeds its aggregate distributions for such period, it will have the impact of reducing the earnings per limited partner unit, as the calculation according to this standard results in a theoretical increased allocation of undistributed earnings to the general partner. In accounting periods where aggregate net income does not exceed aggregate distributions for such period, this standard does not have any impact on the Partnership’s net income per limited partner unit calculation. A separate and independent calculation for each quarter and year-to-date period is performed, in which the Partnership’s contractual participation rights are taken into account.

The following presents the net income allocation and per unit data using this method for the periods presented:

	Three Months Ended						Nine Months Ended
Basic and Diluted Earnings (Loss) Per Limited Partner:	June 30,						June 30,
(in thousands, except per unit data)	2014			2013			2014		2013
Net income (loss)	$	(9,592	)	$	(7,588	)	$	61,912	$	43,843
Less General Partner’s interest in net income (loss)		(54	)		(41	)		349		237
Net income (loss) available to limited partners		(9,538	)		(7,547	)		61,563		43,606
Less dilutive impact of theoretical distribution of earnings under FASB ASC 260-10-45-60		—			—			9,152		5,623
Limited Partner’s interest in net income (loss) under FASB ASC 260-10-45-60	$	(9,538	)	$	(7,547	)	$	52,411	$	37,983
Per unit data:
Basic and diluted net income (loss) available to limited partners	$	(0.17	)	$	(0.13	)	$	1.07	$	0.73
Less dilutive impact of theoretical distribution of earnings under FASB ASC 260-10-45-60		—			—			0.16		0.10
Limited Partner’s interest in net income (loss) under FASB ASC 260-10-45-60	$	(0.17	)	$	(0.13	)	$	0.91	$	0.63
Weighted average number of Limited Partner units outstanding		57,468			59,370			57,482		59,918