Equity Investees

6 Months Ended

Jun. 30, 2012

Equity Method Investments and Joint Ventures [Abstract]

Equity Investees

. Equity Investees

We account for our ownership in our joint ventures under the equity method of accounting. The price we pay to acquire an ownership interest in a company may exceed the underlying book value of the capital accounts we acquire. Such excess cost amounts are included within the carrying values of our equity investees. At June 30, 2012 and December 31, 2011, the unamortized excess cost amounts totaled $239.1 million and $97.8 million, respectively. We amortize the excess cost as a reduction in equity earnings in a manner similar to depreciation.

The following table presents information included in our Unaudited Condensed Consolidated Financial Statements related to our equity investees.

	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
Genesis’ share of operating earnings	$	3,595		$	1,732		$	9,633		$	6,071
Amortization of excess purchase price	(2,548		)	(1,140		)	(5,094		)	(2,282		)
Net equity in earnings	$	1,047		$	592		$	4,539		$	3,789
Distributions received	$	7,799		$	5,513		$	18,024		$	12,013

The following tables present the combined unaudited balance sheet and income statement information (on a 100% basis) of our equity investees:

	June 30, 2012		December 31, 2011
Balance Sheet Information:
Assets
Current assets	$	66,739	$	12,732
Fixed assets, net	757,389		441,894
Other assets	11,692		18,000
Total assets	$	835,820	$	472,626
Liabilities and equity
Current liabilities	$	52,647	$	5,891
Other liabilities	118,546		8,536
Equity	664,627		458,199
Total liabilities and equity	$	835,820	$	472,626

	Three Months Ended June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
Income Statement Information:
Revenues	$	36,452	$	9,835	$	73,970	$	24,844
Operating income	$	14,391	$	2,783	$	33,787	$	11,192
Net income	$	13,682	$	2,783	$	32,357	$	11,202