Equity Investees

3 Months Ended

Mar. 31, 2012

Equity Investees [Abstract]

Equity Investees

6. 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 March 31, 2012 and December 31, 2011, the unamortized excess cost amounts totaled $241.7 million and $97.8 million, respectively. We amortize the excess cost as a reduction in equity earnings in a manner similar to depreciation.

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

	Three Months Ended March 31,
	2012			2011
Genesis' share of operating earnings	$	6,038		$	4,339
Amortization of excess purchase price		(2,546	)		(1,142	)
Net equity in earnings	$	3,492		$	3,197
Distributions received	$	10,225		$	6,500

The combined balance sheet information and results of operations data of our equity investees were as follows:

	March 31, 2012		December 31, 2011
Balance Sheet Data:
Current assets	$	65,330	$	12,732
Fixed assets, net		734,697		441,894
Other assets		16,736		18,000
Total assets	$	816,763	$	472,626
Current liabilities	$	66,967	$	5,891
Other liabilities		108,506		8,536
Equity		641,290		458,199
Total liabilities and combined equity	$	816,763	$	472,626

	Three Months Ended March 31,
	2012		2011
Income Statement Data:
Revenues	$	37,518	$	18,247
Operating income	$	19,396	$	9,017
Net income	$	18,675	$	8,950