Equity Investees

6 Months Ended

Jun. 30, 2013

Equity Method Investments and Joint Ventures [Abstract]

Equity Investees

4. 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, 2013 and December 31, 2012, the unamortized excess cost amounts totaled $229.1 million and $234 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,
	2013			2012			2013			2012
Genesis’ share of operating earnings	$	8,221		$	3,595		$	14,871		$	9,633
Amortization of excess purchase price	(2,598		)	(2,548		)	(5,312		)	(5,094		)
Net equity in earnings	$	5,623		$	1,047		$	9,559		$	4,539
Distributions received	$	11,384		$	7,799		$	21,014		$	18,024

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

	June 30, 2013		December 31, 2012
BALANCE SHEET DATA:
Assets
Current assets	$	69,945	$	74,906
Fixed assets, net	1,009,544		832,525
Other assets	8,591		10,202
Total assets	$	1,088,080	$	917,633
Liabilities and equity
Current liabilities	$	70,766	$	112,321
Other liabilities	164,210		134,731
Equity	853,104		670,581
Total liabilities and equity	$	1,088,080	$	917,633

	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
INCOME STATEMENT DATA:
Revenues	$	45,528	$	36,452	$	86,268	$	73,970
Operating income	$	26,427	$	14,391	$	47,527	$	33,787
Net income	$	25,748	$	13,682	$	46,203	$	32,357