Net Income Per Common Limited Partner Unit (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of reconciliation of net income and the assumed allocation of net income (loss) to the limited partners' interest for purposes of computing net income per limited partner unit

The following table provides a reconciliation of net income and the assumed allocation of net income to the common limited partners (after deducting amounts allocated to preferred unitholders) for purposes of computing net income per common limited partner unit for the periods presented (in thousands, except per unit data):

	Three Months Ended September 30, 2022								Three Months Ended September 30, 2021
			Common		General						Common		General
			Limited		Partner						Limited		Partner
Numerator:	Total		Partners		Interest		IDRs		Total		Partners		Interest		IDRs
Net income	$	111,439	$	109,412	$	2,027	$	—	$	33,637	$	32,644	$	993	$	—
Declared distribution	$	22,680	$	21,247	$	153	$	1,280	$	20,453	$	19,547	$	138	$	768
Assumed allocation of undistributed net income		88,759		88,165		594		—		13,184		13,097		87		—
Assumed allocation of net income	$	111,439	$	109,412	$	747	$	1,280	$	33,637	$	32,644	$	225	$	768
Less: Preferred limited partner interest in net income				3,463								3,463
Net income attributable to common limited partners			$	105,949							$	29,181
Denominator:
Basic weighted average common units outstanding				33,917								33,897
Dilutive effect of phantom units				91								190
Diluted weighted average common units outstanding				34,008								34,087
Basic net income per common limited partner unit			$	3.12							$	0.86
Diluted net income per common limited partner unit			$	3.12							$	0.86

	Nine Months Ended September 30, 2022								Nine Months Ended September 30, 2021
			Common		General						Common		General
			Limited		Partner						Limited		Partner
Numerator:	Total		Partners		Interest		IDRs		Total		Partners		Interest		IDRs
Net income	$	304,731	$	299,361	$	5,370	$	—	$	41,479	$	38,898	$	2,581	$	—
Declared distribution	$	65,813	$	62,041	$	444	$	3,328	$	61,359	$	58,641	$	414	$	2,304
Assumed allocation of undistributed net income (loss)		238,918		237,320		1,598		—		(19,880)		(19,743)		(137)		—
Assumed allocation of net income	$	304,731	$	299,361	$	2,042	$	3,328	$	41,479	$	38,898	$	277	$	2,304
Less: Preferred limited partner interest in net income				10,389								8,746
Net income attributable to common limited partners			$	288,972							$	30,152
Denominator:
Basic weighted average common units outstanding				33,932								33,934
Dilutive effect of phantom units				126								291
Diluted weighted average common units outstanding				34,058								34,225
Basic net income per common limited partner unit			$	8.52							$	0.89
Diluted net income per common limited partner unit			$	8.48							$	0.88

Common Limited Partners

Schedule of quarterly cash distributions on common units

	Per Unit Cash		Distribution Declared for the
Cash Distribution Declaration Date	Distribution Declared		Quarterly Period Ended
April 26, 2022	$	0.5950	March 31, 2022
July 26, 2022	$	0.6050	June 30, 2022
October 25, 2022	$	0.6250	September 30, 2022

Series A and Series B Preferred Units

Schedule of quarterly cash distributions on common units

	Series A Preferred Units		Series B Preferred Units
	Per Unit Cash		Per Unit Cash		Distribution Declared for the
Cash Distribution Declaration Date	Distribution Declared		Distribution Declared		Quarterly Period Covering
April 18, 2022	$	0.609375	$	0.593750	February 15, 2022 - May 14, 2022
July 18, 2022	$	0.609375	$	0.593750	May 15, 2022 - August 14, 2022
October 17, 2022	$	0.609375	$	0.593750	August 15, 2022 - November 14, 2022