Net Income Per Common Unit (Tables)

12 Months Ended

Dec. 31, 2023

Computation of Basic and Diluted Net Income per Common Unit

The following table sets forth the computation of basic and diluted net income per common unit (in millions, except per unit data):


	Year Ended December 31,
	2023		2022		2021
Basic and Diluted Net Income per Common Unit
Net income attributable to PAA	$	1,230	$	1,037	$	593
Distributions to Series A preferred unitholders	(173)		(149)		(149)
Distributions to Series B preferred unitholders	(76)		(52)		(49)
Amounts allocated to participating securities	(10)		(5)		(2)
Other	5		—		—
Net income allocated to common unitholders (1)	$	976	$	831	$	393

Basic and diluted weighted average common units outstanding	699		701		716

Basic and diluted net income per common unit	$	1.40	$	1.19	$	0.55

(1)We calculate net income allocated to common unitholders based on the distributions pertaining to the current period’s net income. After adjusting for the appropriate period’s distributions, the remaining undistributed earnings or excess distributions over earnings (i.e., undistributed loss), if any, are allocated to the common unitholders and participating securities in accordance with the contractual terms of our partnership agreement in effect for the period and as further prescribed under the two-class method.