Net Income Per Limited Partner Unit

Net income per unit applicable to the limited partners is computed using the two-class method, since we have more than one participating security as of March 31, 2018, common units and restricted units. Prior to the equity restructuring transaction described in Note 1, which was effective October 31, 2017, we had participating securities which included the aforementioned common units and restricted units as well as general partner units and IDRs. After the equity restructuring, the general partner interest was no longer entitled to any distributions, and none were made on the general partner interest after October 31, 2017.

To the extent net income attributable to the partners exceeds or is less than cash distributions, this difference is allocated to the partners based on their weighted-average ownership percentage during the period, after consideration of any priority allocations of earnings. Our dilutive securities, restricted units, are immaterial for all periods presented.

For purposes of applying the two-class method, including the allocation of cash distributions in excess of earnings, net income per limited partner unit is computed as follows:



	Three Months Ended March 31,
	2018			2017
	(In thousands)
Net income attributable to the partners	$	46,168		$	25,563
Less: General partner’s distribution declared (including IDRs)	—			(17,775		)
Limited partner’s distribution declared on common units	(66,551		)	(39,632		)
Distributions in excess of net income attributable to the partners	$	(20,383	)	$	(31,844	)



	General Partner (including IDRs)			Limited Partners’ Common Units			Total
	(In thousands, except per unit data)
Three Months Ended March 31, 2018
Net income attributable to the partners:
Distributions declared	$	—		$	66,551		$	66,551
Distributions in excess of net income attributable to the partners				(20,383		)	(20,383		)
Net income attributable to the partners	$	—		$	46,168		$	46,168
Weighted average limited partners' units outstanding				103,836
Limited partners' per unit interest in earnings - basic and diluted				$	0.44

Three Months Ended March 31, 2017
Net income attributable to the partners:
Distributions declared	$	17,775		$	39,632		$	57,407
Distributions in excess of net income attributable to the partners	(637		)	(31,207		)	(31,844		)
Net income attributable to the partners	$	17,138		$	8,425		$	25,563
Weighted average limited partners' units outstanding				63,113
Limited partners' per unit interest in earnings - basic and diluted				$	0.13