Earnings Per Limited Partner Unit (Tables)

9 Months Ended

Sep. 30, 2020

Summary of Weighted-Average Units Excluded and Basic and Diluted Limited Partner Units

The following table summarizes information regarding the weighted-average of units excluded during the three and nine months ended September 30, 2020 and 2019 (in millions):


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2020	2019	2020	2019
Preferred units (1)	7.1	7.1	7.1	7.1
Crestwood Niobrara’s preferred units(1)	8.7	—	8.7	—
Unit-based compensation performance units(1)	0.2	—	0.3	—
Subordinated units(1)	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.

The table below shows CEQP’s net income (loss) per limited partner unit based on the number of basic and diluted limited partner units outstanding for the three and nine months ended September 30, 2020 and 2019 (in millions, except per unit amounts):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Common unitholders’ interest in net income (loss)	$	(20.7)	$	8.6	$	(118.5)	$	202.0


Dilutive effect of net income attributable to subordinated units	—		0.1		—		1.2
Diluted net income (loss)	$	(20.7)	$	8.7	$	(118.5)	$	203.2

Weighted-average limited partners’ units outstanding - basic	73.4		71.8		73.1		71.8

Dilutive effect of Crestwood Niobrara preferred units	—		3.0		—		3.9
Dilutive effect of stock-based compensation performance units	—		0.3		—		0.3
Dilutive effect of subordinated units	—		0.4		—		0.4
Weighted-average limited partners’ units outstanding - diluted	73.4		75.5		73.1		76.4

Basic earnings per unit:
Net income (loss) per limited partner unit	$	(0.28)	$	0.12	$	(1.62)	$	2.81
Diluted earnings per unit:
Net income (loss) per limited partner unit	$	(0.28)	$	0.12	$	(1.62)	$	2.66