Earnings Per Common Unit (Tables)

9 Months Ended

Sep. 30, 2015

Earnings Per Common Unit

Schedule of computation of basic and diluted net income per common unit

The following table shows the computation of basic and diluted net income (loss) per common unit, and the weighted-average units used to compute basic and diluted net income (loss) per common unit for the three and nine months ended September 30, 2015 and 2014 (in thousands, except per unit data):

	Three months ended September 30,				Nine months ended September 30,
	2015		2014		2015			2014
Net income (loss) attributable to the Partnership’s unitholders	$	29,127	$	77,434	$	(81,442	)	$	98,903
Less: Income allocable to phantom units	657		560		1,943			1,656
Income (loss) available for common unitholders - basic	28,470		76,874		(83,385		)	97,247
Add: Income allocable to phantom units and DER expense (1)	687		583		—			1,724
Income (loss) available for common unitholders - diluted	$	29,157	$	77,457	$	(83,385	)	$	98,971
Weighted average common units outstanding - basic	191,908		176,757		188,502			166,792
Potential common shares (Class B and phantom units) (1)	8,771		12,683		—			15,313
Weighted average common units outstanding - diluted	200,679		189,440		188,502			182,105
Net income (loss) attributable to the Partnership’s common unitholders per common unit (2)
Basic	$	0.15	$	0.43	$	(0.44	)	$	0.58
Diluted	$	0.15	$	0.41	$	(0.44	)	$	0.54

(1) For the nine months ended September 30, 2015, approximately 11,393 potential common shares were excluded from the calculation 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.