Earnings Per Limited Partner Unit (Tables)

6 Months Ended

Jun. 30, 2022

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

The following table summarizes information regarding the weighted-average of common units excluded during the three and six months ended June 30, 2022 and 2021 (in millions):


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2022	2021	2022	2021
Preferred units(1)	7.1	7.1	7.1	7.1
Crestwood Niobrara’s preferred units(1)	—	3.6	—	3.6
Unit-based compensation performance units(1)	—	0.1	—	0.1
Subordinated units(2)	—	—	—	0.2

(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 its subordinated units. For additional information regarding the retirement of the subordinated units, see Note 11.

Schedule of Weighted Average Number of Shares

The following table shows Crestwood Equity’s common unitholders’ interest in net income (loss) and weighted-average limited partner units used in computing basic and diluted net income (loss) per limited partner unit for the three and six months ended ended June 30, 2022 and 2021 (in millions, except for per unit data):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Common unitholders’ interest in net income (loss)	$	14.1	$	(63.4)	$	11.1	$	(126.8)



Diluted net income (loss)	$	14.1	$	(63.4)	$	11.1	$	(126.8)

Weighted-average limited partners’ units outstanding - basic	98.0		63.5		92.0		68.4

Dilutive effect of Crestwood Niobrara preferred units	4.5		—		4.5		—
Dilutive effect of stock-based compensation performance units	0.1		—		0.2		—

Weighted-average limited partners’ units outstanding - diluted	102.6		63.5		96.7		68.4

Net income (loss) per limited partner unit:
Basic	$	0.14	$	(1.00)	$	0.12	$	(1.85)
Diluted	$	0.14	$	(1.00)	$	0.11	$	(1.85)