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Certain Provisions of the Partnership Agreement
3 Months Ended
Mar. 31, 2012
Partners' Capital Notes [Abstract]  
Certain Provisions of Partnership Agreement

(4) Certain Provisions of the Partnership Agreement

Unless restricted by the terms of the Partnership's credit facility, the Partnership must make distributions of 100.0% of available cash, as defined in the partnership agreement, within 45 days following the end of each quarter. Distributions will generally be made 98.0% to the common unitholders and 2.0% to the general partner, subject to the payment of incentive distributions as described below to the extent that certain target levels of cash distributions are achieved.

Under the quarterly incentive distribution provisions, generally the Partnership's general partner is entitled to 13.0% of amounts the Partnership distributes in excess of $0.25 per unit, 23.0% of the amounts the Partnership distributes in excess of $0.3125 per unit and 48.0% of amounts the Partnership distributes in excess of $0.375 per unit. Incentive distributions totaling $1.0 million and $0.4 million were earned by the Company for the three months ended March 31, 2012 and 2011, respectively.

The Partnership's fourth quarter 2011 distributions on its common and preferred units of $0.32 per unit were paid on February 14, 2012. The Partnership's first quarter 2012 distribution on its common and preferred units of $0.33 per unit is to be paid on May 15, 2012.