NET INCOME PER COMMON UNIT

9 Months Ended

Sep. 30, 2011

NOTE 7 NET INCOME PER COMMON UNIT

Net income per common unit is computed by dividing net income, after deduction of the General Partner’s allocation, by the weighted average number of common units outstanding. The General Partner’s allocation is equal to an amount based upon its effective two percent general partner interest, plus an amount equal to incentive distributions. Incentive distributions are paid to the General Partner if quarterly cash distributions on the common units exceed levels specified in the Partnership Agreement.

Net income per common unit was determined as follows:

(unaudited)	Three months ended September 30,						Nine months ended September 30,
(millions of dollars except per common unit amounts)	2011			2010			2011			2010
Net income(a)		40.7			38.6			119.1			100.0
Net income allocated to General Partner:
General Partner interest		(0.8	)		(0.8	)		(2.4	)		(2.0	)
Incentive distribution income allocation		-			-			-			-
		(0.8	)		(0.8	)		(2.4	)		(2.0	)
Net income allocable to common units		39.9			37.8			116.7			98.0
Weighted average common units outstanding (millions)		53.5			46.2			50.2			46.2
Net income per common unit		$0.75			$0.82			$2.33			$2.12

(a) Includes equity earnings from GTN and Bison from May 3, 2011, date of acquisition, to September 30, 2011.