Partners' Capital, Distributions And Net Income Per Common Unit

9 Months Ended

Sep. 30, 2011

Partners' Capital, Distributions And Net Income Per Common Unit [Abstract]

Partners' Capital, Distributions And Net Income Per Common Unit

8. Partners' Capital, Distributions and Net Income Per Common Unit

Partners' Capital

At September 30, 2011, our outstanding equity consisted of 71,925,065 Class A Units and 39,997 Class B Units. Additionally 6,949,004 Waiver Units were outstanding. In July 2011, we issued 7,350,000 Class A Units in a public offering. We received proceeds, net of underwriting discounts and offering costs, of $185 million from the offering.

Distributions

We paid or will pay the following distributions in 2010 and 2011:

Distribution For	Date Paid	Per Unit Amount		Limited Partner Interests Amount		General Partner Interest Amount		General Partner Incentive Distribution Amount		Total Amount
Fourth quarter 2009	February 2010	$	0.3600	$	14,251	$	291	$	2,037	$	16,579
First quarter 2010	May 2010	$	0.3675	$	14,548	$	297	$	2,339	$	17,184
Second quarter 2010	August 2010	$	0.3750	$	14,845	$	303	$	2,642	$	17,790
Third quarter 2010	November 2010	$	0.3875	$	15,339	$	313	$	3,147	$	18,799
Fourth quarter 2010	February 2011	$	0.4000	$	25,846	$	—	$	—	$	25,846
First quarter 2011	May 2011	$	0.4075	$	26,343	$	—	$	—	$	26,343
Second quarter 2011	August 2011 (1)	$	0.4150	$	29,878	$	—	$	—	$	29,878
Third quarter 2011	November 2011 (2)	$	0.4275	$	30,777	$	—	$	—	$	30,777

(1) This distribution included $3.1 million of distributions on the 7,350,000 Class A Common Units issued in July 2011.

(2) This distribution will be paid on November 14, 2011 to unitholders of record as of November 3, 2011.

Net Income Per Common Unit

The following table sets forth the computation of basic and diluted net income per common unit.

	Three Months Ended September 30,					Nine Months Ended September 30,
	2011		2010			2011		2010
Numerators for basic and diluted net income per common unit:
Net income attributable to Genesis Energy, L.P.	$	19,088	$	5,068		$	43,476	$	26,191
Less: General partner's incentive distribution to be paid for the period		—		(3,147	)		—		(8,128	)
Add: Expense for Class B Awards		—		2,965			—		1,289
Subtotal		19,088		4,886			43,476		19,352
Less: General partner 2% ownership		—		(98	)		—		(387	)
Income available for common unitholders	$	19,088	$	4,788		$	43,476	$	18,965
Denominator for basic and diluted per common unit:		70,447		39,586			66,580		39,573
Basic and diluted net income per common unit	$	0.27	$	0.12		$	0.65	$	0.48