Net Income (Loss) Per Common Unit

12 Months Ended

Dec. 31, 2022

Net Income per Common Unit [Abstract]

Net Income (Loss) Per Common Unit

Net Income (Loss) Per Common Unit

Basic net income (loss) per common unit is computed by dividing Net Income (Loss) Attributable to Genesis Energy, L.P., after considering income attributable to our Class A preferred unitholders, by the weighted average number of common units outstanding.

The dilutive effect of the Class A Convertible Preferred Units is calculated using the if-converted method. Under the if-converted method, the Class A Convertible Preferred Units are assumed to be converted at the beginning of the period (beginning with their respective issuance date), and the resulting common units are included in the denominator of the diluted net income per common unit calculation for the period being presented. Distributions declared in the period and undeclared distributions that accumulated during the period are added back to the numerator for purposes of the if-converted calculation. For the years ended December 31, 2022, 2021, and 2020, the effect of the assumed conversion of our Class A Convertible Preferred Units was anti-dilutive and was not included in the computation of diluted earnings per unit.

The following table reconciles Net income (loss) and weighted average units used in computing basic and diluted Net income (loss) per common unit (in thousands, except per unit amounts):

	Year Ended December 31,
	2022		2021		2020
Net income (loss) attributable to Genesis Energy L.P.	$	75,457	$	(165,067)	$	(416,678)
Less: Accumulated distributions attributable to Class A Convertible Preferred Units	(80,052)		(74,736)		(74,736)
Net loss available to common unitholders	$	(4,595)	$	(239,803)	$	(491,414)
Weighted average outstanding units	122,579		122,579		122,579
Basic and diluted net loss per common unit	$	(0.04)	$	(1.96)	$	(4.01)