Earnings Per Unit

6 Months Ended

Jun. 30, 2026

Note 11. Earnings Per Unit

The following table presents our calculation of basic and diluted earnings per common unit for the periods indicated:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
BASIC EARNINGS PER COMMON UNIT
Net income attributable to common unitholders	$	1,840	$	1,435	$	3,322	$	2,828
Earnings allocated to phantom unit awards (1)	(17)		(14)		(32)		(27)
Net income allocated to common unitholders	$	1,823	$	1,421	$	3,290	$	2,801

Basic weighted-average number of common units outstanding	2,163		2,168		2,163		2,167

Basic earnings per common unit	$	0.84	$	0.66	$	1.52	$	1.29

DILUTED EARNINGS PER COMMON UNIT
Net income attributable to common unitholders	$	1,840	$	1,435	$	3,322	$	2,828
Net income attributable to preferred units	1		1		2		2
Net income attributable to limited partners	$	1,841	$	1,436	$	3,324	$	2,830

Diluted weighted-average number of units outstanding:
Distribution-bearing common units	2,163		2,168		2,163		2,167
Phantom units (2)	21		20		21		21
Preferred units (2)	1		2		1		2
Total	2,185		2,190		2,185		2,190

Diluted earnings per common unit	$	0.84	$	0.66	$	1.52	$	1.29

(1)Phantom units are considered participating securities for purposes of computing basic earnings per unit. See Note 12 for information regarding our phantom units.

(2)We use the “if-converted method” to determine the potential dilutive effect of the vesting of phantom unit awards and the conversion of preferred units outstanding. See Note 12 for information regarding phantom unit awards. See Note 8 for information regarding preferred units.