Earnings Per Limited Partner Unit (Tables)

9 Months Ended

Sep. 30, 2023

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 nine months ended September 30, 2023 and 2022 (in millions):


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2023	2022	2023	2022
Preferred units(1)	7.1	7.1	7.1	7.1
Crestwood Niobrara’s preferred units(1)	3.8	3.9	—	3.9
Unit-based compensation performance units(1)	0.1	0.1	—	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 additional information regarding our performance units, see our 2022 Annual Report on Form 10-K, Note 1 and 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 nine months ended September 30, 2023 and 2022 (in millions, except for per unit data):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Common unitholders’ interest in net income (loss)	$	(35.1)	$	(68.3)	$	107.9	$	(57.2)



Diluted net income (loss)	$	(35.1)	$	(68.3)	$	107.9	$	(57.2)

Weighted-average limited partners’ units outstanding - basic	105.2		107.1		105.2		97.1

Dilutive effect of Crestwood Niobrara preferred units	—		—		3.8		—
Dilutive effect of unit-based compensation performance units	—		—		0.1		—
Weighted-average limited partners’ units outstanding - diluted	105.2		107.1		109.1		97.1

Net income (loss) per limited partner unit:
Basic	$	(0.33)	$	(0.64)	$	1.03	$	(0.59)
Diluted	$	(0.33)	$	(0.64)	$	0.99	$	(0.59)