Earnings Per Common Unit (Tables)

6 Months Ended

Jun. 30, 2013

Earnings Per Common Unit

Schedule of earnings per common unit

The following table shows the computation of basic and diluted net income per common unit for the three and six months ended June 30, 2013 and 2012, and the weighted-average units used to compute basic and diluted net income per common unit (in thousands, except per unit data):

	Three months ended June 30,				Six months ended June 30,
	2013		2012		2013		2012
Net income attributable to the Partnership’s unitholders	$	83,699	$	186,908	$	68,241	$	202,928
Less: Income allocable to phantom units	554		1,209		1,100		1,391
Income available for common unitholders - basic	83,145		185,699		67,141		201,537
Add: Income allocable to phantom units and DER expense	569		1,218		1,135		1,414
Income available for common unitholders - diluted	$	83,714	$	186,917	$	68,276	$	202,951
Weighted average common units outstanding - basic	131,227		106,825		129,928		101,833
Potential common shares (Class B and phantom units)	20,639		20,643		20,652		20,698
Weighted average common units outstanding - diluted	151,866		127,468		150,580		122,531
Net income attributable to the Partnership’s common unitholders per common unit (1)
Basic	$	0.63	$	1.74	$	0.52	$	1.98
Diluted	$	0.55	$	1.47	$	0.45	$	1.66

(1) Earnings per Class B units equals zero as Class B unitholders are not entitled to receive distributions and therefore no income is allocable to Class B units under the two class method.