Earnings Per Limited Partner Unit

3 Months Ended

Mar. 31, 2022

We calculate the dilutive effect of the preferred units and Crestwood Niobrara preferred units using the if-converted method which assumes units are converted at the beginning of the period (beginning with their respective issuance date), and the resulting common units are included in the denominator of the diluted net income per common unit calculation for the period being presented. Distributions declared in the period and undeclared distributions that accumulated during the period are added back to the numerator for purposes of the if-converted calculation. The dilutive effect of the stock-based compensation performance units is calculated using the treasury stock method which considers the impact to net income or loss 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 is anti-dilutive. The following table summarizes information regarding the weighted-average of common units excluded during the three months ended March 31, 2022 and 2021 (in millions):


	Three Months Ended
	March 31,
		2022	2021
Preferred units (1)		7.1	7.1
Crestwood Niobrara’s preferred units(1)		3.6	4.2
Unit-based compensation performance units(1)		0.3	0.1
Subordinated units(2)		—	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, see our 2021 Annual Report on Form 10-K.

(2)In March 2021, CEQP retired the subordinated units. For additional information regarding the retirement of the subordinated units, see Note 11.