Net Income Per Common Limited Partner Unit (Tables)

12 Months Ended

Dec. 31, 2024

Net Income Per Common Limited Partner Unit

Schedule of reconciliation of net income and the assumed allocation of net income to the limited partners' interest for purposes of computing net income per common 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 years presented (in thousands, except per unit data):

	Year Ended December 31, 2024
			Common		General
			Limited		Partner
Numerator:	Total		Partners		Interest		IDRs
Net income	$	110,327	$	94,983	$	15,344	$	—
Declared distribution	$	113,959	$	98,588	$	766	$	14,605
Assumed allocation of undistributed net loss		(3,632)		(3,605)		(27)		—
Assumed allocation of net income	$	110,327	$	94,983	$	739	$	14,605
Less: Preferred limited partner interest in net income				9,575
Less: Redemption of Series A preferred limited partner units				2,634
Net income attributable to common limited partners			$	82,774
Denominator:
Basic weighted average common units outstanding				33,840
Dilutive effect of phantom units				499
Diluted weighted average common units outstanding				34,339
Basic net income per common limited partner unit			$	2.45
Diluted net income per common limited partner unit			$	2.41

	Year Ended December 31, 2023
			Common		General
			Limited		Partner
Numerator:	Total		Partners		Interest		IDRs
Net income	$	152,506	$	142,598	$	9,908	$	—
Declared distribution	$	101,869	$	92,298	$	685	$	8,886
Assumed allocation of undistributed net income		50,637		50,300		337		—
Assumed allocation of net income	$	152,506	$	142,598	$	1,022	$	8,886
Less: Preferred limited partner interest in net income				14,559
Net income attributable to common limited partners			$	128,039
Denominator:
Basic weighted average common units outstanding				33,970
Dilutive effect of phantom units				69
Diluted weighted average common units outstanding				34,039
Basic net income per common limited partner unit			$	3.77
Diluted net income per common limited partner unit			$	3.76

	Year Ended December 31, 2022
			Common		General
			Limited		Partner
Numerator:	Total		Partners		Interest		IDRs
Net income	$	362,207	$	355,069	$	7,138	$	—
Declared distribution	$	121,223	$	115,499	$	1,013	$	4,711
Less: Preferred limited partner interest in net income		240,984		239,570		1,414		—
Assumed allocation of net income	$	362,207	$	355,069	$	2,427	$	4,711
Less: Preferred limited partner interest in net income				13,852
Net income attributable to common limited partners			$	341,217
Denominator:
Basic weighted average common units outstanding				33,935
Dilutive effect of phantom units				109
Diluted weighted average common units outstanding				34,044
Basic net income per common limited partner unit			$	10.06
Diluted net income per common limited partner unit			$	10.02