Net Loss Per Common Unit

3 Months Ended

Mar. 31, 2023

Net Income per Common Unit [Abstract]

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 our 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 three months ended March 31, 2023 and 2022, the effect of the assumed conversion of the 25,336,778 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 loss attributable to Genesis Energy, L.P. and weighted average units used in computing basic and diluted net loss per common unit (in thousands):


	Three Months Ended March 31,
	2023		2022
Net loss attributable to Genesis Energy, L.P.	$	(1,644)	$	(5,250)
Less: Accumulated distributions attributable to Class A Convertible Preferred Units	(24,002)		(18,684)
Net loss attributable to common unitholders	$	(25,646)	$	(23,934)

Weighted average outstanding units	122,579		122,579

Basic and diluted net loss per common unit	$	(0.21)	$	(0.20)