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NET EARNINGS PER LIMITED PARTNER UNIT
 9 Months Ended
Sep. 30, 2016
NET EARNINGS PER LIMITED PARTNER UNIT  
NET EARNINGS PER LIMITED PARTNER UNIT

(15) NET EARNINGS PER LIMITED PARTNER UNIT

 

The following table reconciles net earnings to net earnings allocable to limited partners and sets forth the computation of basic and diluted net earnings per limited partner unit (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Three months ended 

 

Nine months ended 

 

 

 

September 30,

 

September 30,

 

 

 

2016

 

2015

 

2016

 

2015

 

Net earnings

 

$
11,885

 

$
7,712

 

$
30,905

 

$
30,022

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions payable on behalf of incentive distribution rights

 

 
(2,236)

 

 
(1,682)

 

 
(6,234)

 

 
(5,046)

 

Distributions payable on behalf of general partner interest

 

 
(231)

 

 
(219)

 

 
(682)

 

 
(657)

 

Earnings allocable to general partner interest less than distributions payable to general partner interest

 

 
38

 

 
98

 

 
189

 

 
157

 

Earnings allocable to general partner interest including incentive distribution rights

 

 
(2,429)

 

 
(1,803)

 

 
(6,727)

 

 
(5,546)

 

Net earnings allocable to limited partners per the consolidated statements of operations

 

$
9,456

 

$
5,909

 

$
24,178

 

$
24,476

 

Less distributions payable for unvested long-term incentive plan grants

 

 

 —

 

 
(4)

 

 

 —

 

 
(16)

 

Net earnings allocable to limited partners for calculating net earnings per limited partner unit

 

$
9,456

 

$
5,905

 

$
24,178

 

$
24,460

 

Basic weighted average units

 

 
16,217

 

 
16,144

 

 
16,204

 

 
16,134

 

Diluted weighted average units

 

 
16,232

 

 
16,150

 

 
16,221

 

 
16,140

 

Net earnings per limited partner unit—basic

 

$
0.58

 

$
0.37

 

$
1.49

 

$
1.52

 

Net earnings per limited partner unit—diluted

 

$
0.58

 

$
0.37

 

$
1.49

 

$
1.52

 

 

Pursuant to our partnership agreement we are required to distribute available cash (as defined by our partnership agreement) as of the end of the reporting period. Such distributions are declared within 45 days after period end. The following table sets forth the distribution declared per common unit attributable to the periods indicated:

 

 

 

 

 

 

 

    

Distribution

 

January 1, 2015 through March 31, 2015

 

$
0.665

 

April 1, 2015 through June 30, 2015

 

$
0.665

 

July 1, 2015 through September 30, 2015

 

$
0.665

 

October 1, 2015 through December 31, 2015

 

$
0.670

 

January 1, 2016 through March 31, 2016

 

$
0.680

 

April 1, 2016 through June 30, 2016

 

$
0.690

 

July 1, 2016 through September 30, 2016

 

$
0.700