Earnings Per Limited Partner Unit

3 Months Ended

Mar. 31, 2020

Our net income (loss) attributable to Crestwood Equity Partners is allocated to the subordinated and limited partner unitholders based on their ownership percentage after giving effect to net income attributable to the preferred units. We calculate basic net income per limited partner unit using the two-class method. Diluted net income per limited partner unit is computed using the treasury stock method, which considers the impact to net income attributable to Crestwood Equity Partners and limited partner units from the potential issuance of limited partner units.

We exclude potentially dilutive securities from the determination of diluted earnings per unit (as well as their related income statement impacts) when their impact on net income attributable to Crestwood Equity Partners per limited partner unit is anti-dilutive. The following table summarizes information regarding the weighted-average of common units excluded during the three months ended March 31, 2020 and 2019 (in millions):



	Three Months Ended
	March 31,
	2020	2019
Preferred units ⁽¹⁾	7.1	7.1
Crestwood Niobrara’s preferred units⁽¹⁾	25.6	5.8
Unit-based compensation performance units⁽²⁾	0.5	0.5
Subordinated units⁽²⁾	0.4	0.4


(1)	For additional information regarding the potential conversion/redemption of our preferred units and Crestwood Niobrara’s preferred units to CEQP common units, and of our performance units and subordinated units, see our 2019 Annual Report on Form 10-K.