Earnings Per Common Unit (Tables)

9 Months Ended

Sep. 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 nine months ended September 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 September 30,						Nine months ended September 30,
	2013			2012			2013		2012
Net (loss) income attributable to the Partnership’s unitholders	$	(23,604	)	$	(14,340	)	$	44,637	$	188,588
Less: Income allocable to phantom units	618			541			1,718		1,595
(Loss) income available for common unitholders - basic	(24,222		)	(14,881		)	42,919		186,993
Add: Income allocable to phantom units and DER expense	—			—			1,774		1,627
(Loss) income available for common unitholders - diluted	$	(24,222	)	$	(14,881	)	$	44,693	$	188,620
Weighted average common units outstanding - basic	142,352			113,994			134,115		105,916
Potential common shares (Class B and phantom units) (1)	—			—			19,340		20,679
Weighted average common units outstanding - diluted	142,352			113,994			153,455		126,595
Net (loss) income attributable to the Partnership’s common unitholders per common unit (2)
Basic	$	(0.17	)	$	(0.13	)	$	0.32	$	1.77
Diluted	$	(0.17	)	$	(0.13	)	$	0.29	$	1.49

(1) For the three month periods ending September 30, 2013 and September 30, 2012, 16,760 and 20,641 units were excluded, respectively, from the calculation of diluted units because the impact was anti-dilutive.

(2) 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.